Integrated Wealth Concepts LLC Has $10.21 Million Holdings in Diamondback Energy, Inc. $FANG

Integrated Wealth Concepts LLC grew its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 15.4% in the 3rd quarter, Holdings Channel reports. The fund owned 71,341 shares of the oil and natural gas company’s stock after purchasing an additional 9,532 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Diamondback Energy were worth $10,209,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. PNC Financial Services Group Inc. boosted its holdings in Diamondback Energy by 13.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 53,795 shares of the oil and natural gas company’s stock valued at $7,391,000 after purchasing an additional 6,420 shares during the period. Police & Firemen s Retirement System of New Jersey increased its holdings in shares of Diamondback Energy by 4.9% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 28,748 shares of the oil and natural gas company’s stock worth $3,950,000 after purchasing an additional 1,332 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Diamondback Energy by 5.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,262,507 shares of the oil and natural gas company’s stock worth $173,468,000 after purchasing an additional 60,035 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Diamondback Energy by 7.3% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 45,860 shares of the oil and natural gas company’s stock valued at $6,301,000 after buying an additional 3,125 shares during the last quarter. Finally, Creative Planning raised its position in shares of Diamondback Energy by 9.2% during the second quarter. Creative Planning now owns 53,454 shares of the oil and natural gas company’s stock valued at $7,345,000 after buying an additional 4,489 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $182.33 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.42 and a quick ratio of 0.40. The stock has a fifty day moving average price of $164.84 and a two-hundred day moving average price of $152.75. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $186.65. The firm has a market capitalization of $51.29 billion, a P/E ratio of 32.50 and a beta of 0.59.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, February 23rd. The oil and natural gas company reported $1.74 EPS for the quarter, missing the consensus estimate of $2.00 by ($0.26). Diamondback Energy had a net margin of 11.07% and a return on equity of 8.08%. The firm had revenue of $3.38 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the prior year, the firm posted $3.67 EPS. The firm’s revenue for the quarter was down 9.0% on a year-over-year basis. As a group, analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 12th. Investors of record on Thursday, March 5th were issued a dividend of $1.05 per share. The ex-dividend date of this dividend was Thursday, March 5th. This represents a $4.20 annualized dividend and a yield of 2.3%. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.00. Diamondback Energy’s payout ratio is 74.87%.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $162.88, for a total transaction of $162,880,000.00. Following the sale, the insider directly owned 98,686,727 shares of the company’s stock, valued at approximately $16,074,094,093.76. This represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Travis D. Stice sold 63,957 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $181.16, for a total transaction of $11,586,450.12. Following the sale, the chairman directly owned 305,314 shares of the company’s stock, valued at approximately $55,310,684.24. The trade was a 17.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,168,462 shares of company stock worth $192,197,747 over the last ninety days. Corporate insiders own 0.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Piper Sandler lifted their target price on Diamondback Energy from $215.00 to $248.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. UBS Group upped their price target on Diamondback Energy from $194.00 to $216.00 and gave the company a “buy” rating in a report on Thursday, March 5th. TD Cowen raised Diamondback Energy to a “strong-buy” rating in a report on Monday, February 9th. Barclays boosted their price objective on Diamondback Energy from $185.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Wall Street Zen lowered Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Three analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $193.38.

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.