Raymond James Trust N.A. Increases Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Raymond James Trust N.A. increased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 2.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,351 shares of the oil and natural gas company’s stock after purchasing an additional 276 shares during the period. Raymond James Trust N.A.’s holdings in Diamondback Energy were worth $2,873,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FANG. Founders Capital Management boosted its position in shares of Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after acquiring an additional 101 shares during the last quarter. First Community Trust NA purchased a new stake in shares of Diamondback Energy in the second quarter worth about $26,000. Logan Capital Management Inc. acquired a new stake in Diamondback Energy during the 4th quarter valued at $31,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in Diamondback Energy during the 1st quarter worth $49,000. Finally, First Horizon Advisors Inc. boosted its position in Diamondback Energy by 37.3% in the 4th quarter. First Horizon Advisors Inc. now owns 320 shares of the oil and natural gas company’s stock valued at $50,000 after buying an additional 87 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Performance

FANG stock traded up $3.78 during trading on Monday, reaching $199.00. 71,101 shares of the company’s stock were exchanged, compared to its average volume of 1,537,268. Diamondback Energy, Inc. has a 1-year low of $143.08 and a 1-year high of $214.50. The firm has a market cap of $35.49 billion, a PE ratio of 11.00, a P/E/G ratio of 1.06 and a beta of 1.90. The company’s fifty day moving average price is $198.68 and its 200-day moving average price is $194.59. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results 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 firm had revenue of $2.48 billion during 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%. Diamondback Energy’s revenue was up 29.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.68 EPS. On average, research analysts expect that Diamondback Energy, Inc. will post 18.63 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were issued a dividend of $2.34 per share. This is a boost from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date of this dividend was Thursday, August 15th. This represents a yield of 1.9%. Diamondback Energy’s payout ratio is presently 20.29%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on FANG shares. UBS Group boosted their price target on Diamondback Energy from $245.00 to $247.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Truist Financial increased 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. Barclays lifted their price target on shares of Diamondback Energy from $214.00 to $216.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $220.00 target price on shares of Diamondback Energy in a research report on Tuesday, August 13th. Finally, KeyCorp started coverage on shares of Diamondback Energy in a research report on Thursday, June 27th. They set an “overweight” rating and a $225.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $211.85.

Insiders Place Their Bets

In other news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction on 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 owns 69,677 shares in the company, valued at $13,736,123.78. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.48% of the stock is currently owned by insiders.

Diamondback Energy Company 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.