Golden State Equity Partners Reduces Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Golden State Equity Partners reduced its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 26.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,103 shares of the oil and natural gas company’s stock after selling 760 shares during the period. Golden State Equity Partners’ holdings in Diamondback Energy were worth $345,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in FANG. Spire Wealth Management acquired a new stake in shares of Diamondback Energy during the fourth quarter worth $519,000. Comprehensive Financial Consultants Institutional Inc. lifted its holdings in shares of Diamondback Energy by 5.6% during the fourth quarter. Comprehensive Financial Consultants Institutional Inc. now owns 12,404 shares of the oil and natural gas company’s stock worth $2,032,000 after purchasing an additional 658 shares during the period. Tokio Marine Asset Management Co. Ltd. lifted its holdings in Diamondback Energy by 631.1% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 43,148 shares of the oil and natural gas company’s stock valued at $7,069,000 after acquiring an additional 37,246 shares during the period. Independence Bank of Kentucky lifted its holdings in Diamondback Energy by 15.0% in the fourth quarter. Independence Bank of Kentucky now owns 4,261 shares of the oil and natural gas company’s stock valued at $698,000 after acquiring an additional 556 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in Diamondback Energy by 110.0% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 4,752 shares of the oil and natural gas company’s stock valued at $779,000 after acquiring an additional 2,489 shares during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Price Performance

NASDAQ FANG opened at $164.48 on Tuesday. The company has a market cap of $48.03 billion, a PE ratio of 9.41, a price-to-earnings-growth ratio of 1.28 and a beta of 1.86. Diamondback Energy, Inc. has a 52 week low of $147.93 and a 52 week high of $214.50. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The firm’s 50-day simple moving average is $168.98 and its two-hundred day simple moving average is $180.59.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The firm had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period in the previous year, the company posted $5.49 earnings per share. Research analysts predict that Diamondback Energy, Inc. will post 15.5 earnings per share for the current year.

Diamondback Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend was Thursday, November 14th. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.61%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. StockNews.com upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, November 13th. Mizuho dropped their price target on Diamondback Energy from $219.00 to $207.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. UBS Group dropped their price target on Diamondback Energy from $235.00 to $212.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Wells Fargo & Company raised their price target on Diamondback Energy from $218.00 to $219.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Finally, Piper Sandler cut their target price on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and an average target price of $215.00.

Insider Activity

In related news, Director Mark Lawrence Plaumann sold 1,150 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the sale, the director now owns 4,712 shares of the company’s stock, valued at $852,872. The trade was a 19.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.48% of the company’s stock.

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.