RMG Wealth Management LLC Buys New Shares in Diamondback Energy, Inc. $FANG

RMG Wealth Management LLC bought a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 662 shares of the oil and natural gas company’s stock, valued at approximately $94,000.

A number of other hedge funds also recently made changes to their positions in FANG. Nuveen LLC acquired a new position in shares of Diamondback Energy in the 1st quarter valued at $230,039,000. Adage Capital Partners GP L.L.C. acquired a new position in shares of Diamondback Energy in the 1st quarter valued at $77,622,000. Wellington Management Group LLP raised its stake in shares of Diamondback Energy by 27.3% in the 1st quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company’s stock valued at $311,792,000 after buying an additional 418,431 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Diamondback Energy by 50.6% in the 1st quarter. Victory Capital Management Inc. now owns 1,135,759 shares of the oil and natural gas company’s stock valued at $181,585,000 after buying an additional 381,542 shares in the last quarter. Finally, Boston Partners raised its stake in shares of Diamondback Energy by 4.8% in the 1st quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company’s stock valued at $861,961,000 after buying an additional 249,098 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Buying and Selling

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the sale, the chairman owned 102,145 shares of the company’s stock, valued at $14,586,306. This represents a 16.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.48% of the stock is currently owned by corporate insiders.

Diamondback Energy Stock Up 1.1%

Shares of NASDAQ:FANG opened at $149.10 on Tuesday. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $200.47. The company’s 50-day moving average price is $142.83 and its two-hundred day moving average price is $141.34. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The firm has a market cap of $43.16 billion, a P/E ratio of 10.60 and a beta of 1.04.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same period in the prior year, the company earned $4.52 EPS. The firm’s revenue was up 48.1% compared to the same quarter last year. As a group, research analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.7%. Diamondback Energy’s dividend payout ratio is currently 28.43%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FANG. UBS Group increased their price objective on shares of Diamondback Energy from $163.00 to $171.00 and gave the company a “buy” rating in a research note on Wednesday, August 20th. William Blair started coverage on shares of Diamondback Energy in a research note on Monday, August 25th. They issued an “outperform” rating for the company. Susquehanna lowered their target price on shares of Diamondback Energy from $192.00 to $188.00 and set a “positive” rating on the stock in a report on Wednesday, July 23rd. Raymond James Financial lowered their target price on shares of Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating on the stock in a report on Wednesday, August 20th. Finally, KeyCorp lowered their target price on shares of Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating on the stock in a report on Wednesday, September 3rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $192.86.

Diamondback Energy Company 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.