Western Wealth Management LLC Acquires Shares of 4,904 Diamondback Energy, Inc. $FANG

Western Wealth Management LLC acquired a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the 1st quarter, HoldingsChannel reports. The fund acquired 4,904 shares of the oil and natural gas company’s stock, valued at approximately $970,000.

Other institutional investors also recently modified their holdings of the company. Flagship Harbor Advisors LLC bought a new stake in shares of Diamondback Energy in the fourth quarter worth about $25,000. Laurel Wealth Advisors LLC bought a new position in Diamondback Energy during the 4th quarter valued at approximately $26,000. Cedar Mountain Advisors LLC bought a new position in Diamondback Energy during the 1st quarter valued at approximately $26,000. JPL Wealth Management LLC purchased a new stake in Diamondback Energy in the 3rd quarter worth approximately $26,000. Finally, Wellington Shields & Co. LLC lifted its holdings in Diamondback Energy by 264.7% in the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company’s stock worth $28,000 after buying an additional 135 shares during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Diamondback Energy

In other news, Director Charles Alvin Meloy sold 83,334 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $187.12, for a total transaction of $15,593,458.08. Following the completion of the transaction, the director directly owned 851,530 shares in the company, valued at approximately $159,338,293.60. This trade represents a 8.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Matt Zmigrosky sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the sale, the executive vice president directly owned 46,392 shares in the company, valued at approximately $9,303,451.68. This represents a 9.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 134,167 shares of company stock worth $25,749,309 over the last three months. Company insiders own 0.64% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on FANG shares. Morgan Stanley reduced their target price on Diamondback Energy from $229.00 to $216.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. Roth Capital set a $212.00 price target on Diamondback Energy and gave the stock a “buy” rating in a research note on Monday, June 22nd. UBS Group cut their price target on shares of Diamondback Energy from $246.00 to $243.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. Mizuho boosted their price objective on shares of Diamondback Energy from $220.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, Susquehanna upped their price objective on shares of Diamondback Energy from $245.00 to $255.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Four analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $222.30.

Diamondback Energy Stock Down 0.7%

NASDAQ:FANG opened at $199.51 on Friday. The firm’s 50-day moving average price is $190.11 and its 200-day moving average price is $187.39. The company has a market capitalization of $55.87 billion, a PE ratio of 38.89 and a beta of 0.43. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.47 and a quick ratio of 0.45. Diamondback Energy, Inc. has a 1-year low of $134.30 and a 1-year high of $214.51.

Diamondback Energy (NASDAQ:FANG) last issued 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 company had revenue of $5.56 billion during the quarter, compared to analyst estimates of $4.89 billion. During the same period last year, the business earned $2.38 EPS. Diamondback Energy’s quarterly revenue was up 51.2% compared to the same quarter last year. On average, equities analysts predict that Diamondback Energy, Inc. will post 19.73 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th will be paid a dividend of $1.10 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. Diamondback Energy’s dividend payout ratio (DPR) is currently 85.77%.

Diamondback Energy Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.