Transform Wealth LLC Reduces Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Transform Wealth LLC decreased its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 7.3% during the 2nd quarter, Holdings Channel reports. The firm owned 2,184 shares of the oil and natural gas company’s stock after selling 173 shares during the quarter. Transform Wealth LLC’s holdings in Diamondback Energy were worth $437,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Bleakley Financial Group LLC increased its position in Diamondback Energy by 2.5% during the fourth quarter. Bleakley Financial Group LLC now owns 3,115 shares of the oil and natural gas company’s stock worth $483,000 after buying an additional 75 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Diamondback Energy by 15.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 61,761 shares of the oil and natural gas company’s stock valued at $9,578,000 after acquiring an additional 8,298 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy during the fourth quarter valued at $34,000. Cerity Partners LLC raised its stake in Diamondback Energy by 4.6% in the 4th quarter. Cerity Partners LLC now owns 28,695 shares of the oil and natural gas company’s stock valued at $4,450,000 after purchasing an additional 1,274 shares during the last quarter. Finally, Sapient Capital LLC acquired a new position in Diamondback Energy in the 4th quarter valued at about $619,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on FANG shares. Barclays upped their price objective on shares of Diamondback Energy from $214.00 to $216.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Scotiabank decreased their price objective on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Truist Financial upped their target price on Diamondback Energy from $249.00 to $255.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Stifel Nicolaus raised their price target on Diamondback Energy from $224.00 to $229.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Finally, Benchmark reaffirmed a “buy” rating and set a $154.00 price objective on shares of Diamondback Energy in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $210.00.

Insider Buying and Selling

In related news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total value of $1,182,840.00. Following the completion of the sale, the chief operating officer now directly owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.48% of the company’s stock.

Diamondback Energy Trading Down 0.6 %

NASDAQ:FANG opened at $200.12 on Tuesday. The business’s 50-day moving average is $198.08 and its two-hundred day moving average is $191.98. The firm has a market capitalization of $35.69 billion, a PE ratio of 11.35, a price-to-earnings-growth ratio of 1.06 and a beta of 1.90. Diamondback Energy, Inc. has a 12 month low of $143.08 and a 12 month high of $214.50. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. The company had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The business’s quarterly revenue was up 29.4% on a year-over-year basis. During the same quarter last year, the firm posted $3.68 earnings per share. Research analysts predict that Diamondback Energy, Inc. will post 18.63 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th will be given a dividend of $2.34 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a dividend yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

About Diamondback Energy

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.