Montz Harcus Wealth Management LLC Increases Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Montz Harcus Wealth Management LLC increased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 12.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,183 shares of the oil and natural gas company’s stock after purchasing an additional 127 shares during the quarter. Montz Harcus Wealth Management LLC’s holdings in Diamondback Energy were worth $204,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in FANG. Quent Capital LLC lifted its stake in shares of Diamondback Energy by 7.2% in the 2nd quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock valued at $162,000 after acquiring an additional 54 shares during the last quarter. Carolinas Wealth Consulting LLC boosted its stake in shares of Diamondback Energy by 67.1% during the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after purchasing an additional 55 shares during the period. Sugarloaf Wealth Management LLC increased its stake in shares of Diamondback Energy by 0.3% in the second quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock worth $3,999,000 after buying an additional 56 shares during the period. Versant Capital Management Inc raised its holdings in Diamondback Energy by 16.1% during the 2nd quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock valued at $82,000 after buying an additional 57 shares during the last quarter. Finally, Confluence Investment Management LLC boosted its position in Diamondback Energy by 1.6% during the 2nd quarter. Confluence Investment Management LLC now owns 3,667 shares of the oil and natural gas company’s stock valued at $734,000 after buying an additional 58 shares during the period. 90.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FANG has been the subject of several recent analyst reports. Wells Fargo & Company reaffirmed a “sector outperform” rating on shares of Diamondback Energy in a research note on Friday, October 18th. Wolfe Research started coverage on Diamondback Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Truist Financial upped their target price on Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Barclays upgraded shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $216.00 to $210.00 in a report on Wednesday, October 2nd. Finally, Sanford C. Bernstein decreased their price objective on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $210.09.

Diamondback Energy Stock Up 1.9 %

Diamondback Energy stock traded up $3.47 during trading hours on Friday, hitting $184.38. The stock had a trading volume of 2,150,804 shares, compared to its average volume of 2,919,997. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $54.34 billion, a P/E ratio of 9.53, a price-to-earnings-growth ratio of 1.27 and a beta of 1.89. Diamondback Energy, Inc. has a 12-month low of $145.70 and a 12-month high of $214.50. The stock’s 50-day moving average price is $184.90 and its 200-day moving average price is $194.02.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating the consensus estimate of $4.51 by $0.01. The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The firm’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same quarter last year, the firm earned $3.68 earnings per share. Equities research analysts anticipate that Diamondback Energy, Inc. will post 17.37 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently declared a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were paid a $2.34 dividend. The ex-dividend date was Thursday, August 15th. This represents a dividend yield of 1.9%. This is a boost from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s payout ratio is currently 18.60%.

Insider Activity at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the sale, the insider now directly owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.48% of the stock is currently owned by insiders.

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.