IFP Advisors Inc Has $5.82 Million Holdings in Diamondback Energy, Inc. $FANG

IFP Advisors Inc lessened its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 8.9% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 33,102 shares of the oil and natural gas company’s stock after selling 3,224 shares during the period. IFP Advisors Inc’s holdings in Diamondback Energy were worth $5,819,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cedar Mountain Advisors LLC acquired a new stake in shares of Diamondback Energy in the first quarter valued at about $26,000. Meeder Asset Management Inc. acquired a new position in shares of Diamondback Energy during the 2nd quarter worth about $28,000. JPL Wealth Management LLC acquired a new position in shares of Diamondback Energy during the 3rd quarter worth about $26,000. Wellington Shields & Co. LLC boosted its stake in Diamondback Energy by 264.7% during the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company’s stock valued at $28,000 after purchasing an additional 135 shares during the period. Finally, Global Assets Advisory LLC bought a new stake in Diamondback Energy during the 1st quarter valued at approximately $40,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Citigroup dropped their price target on Diamondback Energy from $221.00 to $220.00 and set a “buy” rating on the stock in a research report on Monday, August 10th. Seaport Research Partners initiated coverage on Diamondback Energy in a research report on Thursday, September 3rd. They issued a “neutral” rating for the company. Wells Fargo & Company raised their price objective on shares of Diamondback Energy from $262.00 to $263.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Truist Financial boosted their target price on shares of Diamondback Energy from $220.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Finally, Susquehanna upped their target price on shares of Diamondback Energy from $245.00 to $255.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $222.21.

Insider Buying and Selling

In related news, Director Charles Meloy sold 33,333 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $198.41, for a total value of $6,613,600.53. Following the sale, the director owned 818,197 shares of the company’s stock, valued at $162,338,466.77. The trade was a 3.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.64% of the stock is currently owned by corporate insiders.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $202.63 on Thursday. The firm has a market cap of $56.74 billion, a P/E ratio of 39.50 and a beta of 0.43. The firm’s 50-day simple moving average is $196.46 and its 200-day simple moving average is $192.45. Diamondback Energy, Inc. has a twelve month low of $134.30 and a twelve month high of $216.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The firm had revenue of $5.56 billion during the quarter, compared to analyst estimates of $4.89 billion. During the same quarter in the prior year, the business posted $2.38 earnings per share. The company’s quarterly revenue was up 51.2% compared to the same quarter last year. As a group, research analysts expect that Diamondback Energy, Inc. will post 20.14 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Thursday, August 13th. Diamondback Energy’s dividend payout ratio (DPR) is 85.77%.

About Diamondback Energy

Diamondback Energy, Inc is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin of West Texas and southeastern New Mexico. The company’s operations are concentrated primarily in the Midland and Delaware sub-basins.

Diamondback produces crude oil, natural gas and natural gas liquids. Its activities include drilling and completing horizontal wells, operating gathering and infrastructure assets, and managing mineral and royalty interests through its Viper Energy platform.