Diamondback Energy, Inc. (NASDAQ:FANG) Position Decreased by Doheny Asset Management CA

Doheny Asset Management CA trimmed its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 7.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,706 shares of the oil and natural gas company’s stock after selling 1,379 shares during the quarter. Diamondback Energy comprises approximately 2.7% of Doheny Asset Management CA’s portfolio, making the stock its 10th biggest position. Doheny Asset Management CA’s holdings in Diamondback Energy were worth $2,746,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FANG. BKM Wealth Management LLC acquired a new position in Diamondback Energy in the fourth quarter valued at approximately $27,000. BluePath Capital Management LLC acquired a new position in Diamondback Energy in the third quarter valued at approximately $28,000. Turtle Creek Wealth Advisors LLC acquired a new position in Diamondback Energy in the fourth quarter valued at approximately $34,000. CVA Family Office LLC acquired a new position in Diamondback Energy in the fourth quarter valued at approximately $35,000. Finally, Cary Street Partners Investment Advisory LLC boosted its holdings in Diamondback Energy by 559.0% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 257 shares of the oil and natural gas company’s stock valued at $40,000 after purchasing an additional 218 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Price Performance

NASDAQ:FANG traded up $1.17 during trading hours on Thursday, hitting $197.18. The company’s stock had a trading volume of 930,599 shares, compared to its average volume of 1,731,440. The business’s 50-day moving average is $194.57 and its two-hundred day moving average is $170.39. The company has a market capitalization of $35.17 billion, a PE ratio of 11.05 and a beta of 1.91. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.74 and a current ratio of 0.77. Diamondback Energy, Inc. has a 52-week low of $123.41 and a 52-week high of $211.96.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share for the quarter, beating analysts’ consensus estimates of $4.29 by $0.21. Diamondback Energy had a return on equity of 19.69% and a net margin of 36.71%. The business had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.10 billion. During the same quarter last year, the business posted $4.10 earnings per share. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. As a group, research analysts anticipate that Diamondback Energy, Inc. will post 18.94 EPS for the current fiscal year.

Diamondback Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date is Tuesday, May 14th. Diamondback Energy’s dividend payout ratio is currently 20.29%.

Insider Activity

In related news, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the completion of the sale, the chief operating officer now owns 78,218 shares in the company, valued at approximately $15,031,153.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the completion of the sale, the chief operating officer now owns 78,218 shares in the company, valued at approximately $15,031,153.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total value of $6,000,000.00. Following the sale, the chief executive officer now owns 446,610 shares of the company’s stock, valued at approximately $89,322,000. The disclosure for this sale can be found here. Insiders sold a total of 57,675 shares of company stock worth $11,311,096 over the last 90 days. 0.43% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FANG shares. Royal Bank of Canada reissued an “outperform” rating and issued a $195.00 price objective on shares of Diamondback Energy in a report on Monday, March 4th. Bank of America raised Diamondback Energy from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $129.00 to $170.00 in a report on Monday, February 12th. KeyCorp increased their price objective on Diamondback Energy from $210.00 to $225.00 and gave the company an “overweight” rating in a report on Monday, April 22nd. Raymond James decreased their price objective on Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Finally, Barclays started coverage on Diamondback Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $214.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Diamondback Energy presently has an average rating of “Moderate Buy” and a consensus price target of $202.53.

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.