PFG Investments LLC Has $258,000 Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

PFG Investments LLC cut its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 9.8% in the 2nd quarter, HoldingsChannel reports. The fund owned 1,288 shares of the oil and natural gas company’s stock after selling 140 shares during the quarter. PFG Investments LLC’s holdings in Diamondback Energy were worth $258,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Founders Capital Management increased its holdings in shares of Diamondback Energy by 404.0% during the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 101 shares during the period. First Community Trust NA bought a new position in shares of Diamondback Energy during the second quarter worth approximately $26,000. Logan Capital Management Inc. bought a new position in shares of Diamondback Energy during the fourth quarter worth approximately $31,000. Edmond DE Rothschild Holding S.A. bought a new position in shares of Diamondback Energy during the fourth quarter worth approximately $54,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Diamondback Energy during the second quarter worth approximately $65,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FANG. Royal Bank of Canada reaffirmed an “outperform” rating and set a $220.00 target price on shares of Diamondback Energy in a report on Tuesday, August 13th. Susquehanna lowered their target price on shares of Diamondback Energy from $245.00 to $237.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Wolfe Research initiated coverage on shares of Diamondback Energy in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Wells Fargo & Company decreased their price objective on shares of Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 14th. Finally, Bank of America lifted their price objective on shares of Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $211.45.

Diamondback Energy Stock Performance

Shares of Diamondback Energy stock opened at $172.42 on Friday. Diamondback Energy, Inc. has a fifty-two week low of $143.08 and a fifty-two week high of $214.50. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. The firm has a market capitalization of $30.76 billion, a P/E ratio of 9.72, a P/E/G ratio of 1.06 and a beta of 1.89. The company’s 50 day moving average price is $194.77 and its two-hundred day moving average price is $195.63.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The firm had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter last year, the business posted $3.68 earnings per share. The company’s quarterly revenue was up 29.4% on a year-over-year basis. On average, equities analysts forecast that Diamondback Energy, Inc. will post 19.08 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently declared a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were issued a dividend of $2.34 per share. This represents a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 15th. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s payout ratio is 20.29%.

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.