Lord & Richards Wealth Management LLC Raises Stock Holdings in Diamondback Energy, Inc. $FANG

Lord & Richards Wealth Management LLC increased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 37.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,857 shares of the oil and natural gas company’s stock after purchasing an additional 2,708 shares during the quarter. Diamondback Energy makes up 1.4% of Lord & Richards Wealth Management LLC’s holdings, making the stock its 21st largest position. Lord & Richards Wealth Management LLC’s holdings in Diamondback Energy were worth $1,354,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. BankPlus Trust Department purchased a new stake in shares of Diamondback Energy during the 1st quarter worth $27,000. SouthState Corp lifted its stake in shares of Diamondback Energy by 596.4% during the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock worth $31,000 after purchasing an additional 167 shares during the last quarter. Creekmur Asset Management LLC acquired a new position in Diamondback Energy during the 2nd quarter valued at about $28,000. Financial Gravity Asset Management Inc. acquired a new position in Diamondback Energy during the 1st quarter valued at about $33,000. Finally, Eastern Bank increased its position in Diamondback Energy by 119.8% during the 1st quarter. Eastern Bank now owns 233 shares of the oil and natural gas company’s stock valued at $37,000 after buying an additional 127 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $141.27 on Tuesday. The company has a market capitalization of $40.90 billion, a P/E ratio of 10.04 and a beta of 0.99. The business’s 50 day moving average is $142.87 and its two-hundred day moving average is $141.65. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $186.07. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, November 3rd. The oil and natural gas company reported $3.08 EPS for the quarter, topping analysts’ consensus estimates of $2.77 by $0.31. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.48 billion. During the same quarter last year, the business posted $3.19 earnings per share. The firm’s revenue was up 48.4% compared to the same quarter last year. Analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Thursday, November 13th will be given a dividend of $1.00 per share. The ex-dividend date is Thursday, November 13th. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. Diamondback Energy’s dividend payout ratio (DPR) is presently 28.43%.

Analyst Ratings Changes

Several brokerages recently issued reports on FANG. Evercore ISI upped their target price on Diamondback Energy from $165.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, October 6th. Melius Research began coverage on Diamondback Energy in a research report on Wednesday, August 20th. They set a “buy” rating and a $213.00 target price on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Diamondback Energy in a research report on Wednesday, October 8th. Morgan Stanley reduced their target price on Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 14th. Finally, Wells Fargo & Company reduced their target price on Diamondback Energy from $211.00 to $160.00 and set an “overweight” rating on the stock in a research report on Friday, October 17th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $189.67.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the firm’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the sale, the chairman owned 102,145 shares of the company’s stock, valued at $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.48% of the stock is currently owned by company insiders.

Diamondback Energy Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.