Miracle Mile Advisors LLC Cuts Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Miracle Mile Advisors LLC decreased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 6.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,422 shares of the oil and natural gas company’s stock after selling 319 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Diamondback Energy were worth $725,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in FANG. Carolinas Wealth Consulting LLC boosted its position in Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after buying an additional 55 shares during the period. Values First Advisors Inc. acquired a new stake in shares of Diamondback Energy in the third quarter valued at $42,000. CVA Family Office LLC boosted its holdings in Diamondback Energy by 28.1% in the third quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock valued at $51,000 after purchasing an additional 65 shares during the period. Oliver Lagore Vanvalin Investment Group grew its stake in Diamondback Energy by 109.7% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 260 shares of the oil and natural gas company’s stock worth $52,000 after purchasing an additional 136 shares in the last quarter. Finally, Ashton Thomas Securities LLC purchased a new stake in Diamondback Energy during the 3rd quarter worth about $52,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling at Diamondback Energy

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the transaction, the director now owns 4,712 shares in the company, valued at $852,872. This trade represents a 19.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.48% of the stock is owned by corporate insiders.

Diamondback Energy Stock Up 1.1 %

FANG opened at $179.56 on Thursday. Diamondback Energy, Inc. has a 52 week low of $147.93 and a 52 week high of $214.50. The business has a 50 day moving average price of $170.76 and a two-hundred day moving average price of $183.46. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The company has a market cap of $52.43 billion, a PE ratio of 10.28, a P/E/G ratio of 1.19 and a beta of 1.88.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing the consensus estimate of $4.62 by ($1.24). The company had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. Diamondback Energy’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter last year, the company earned $5.49 EPS. As a group, research analysts anticipate that Diamondback Energy, Inc. will post 16.51 EPS for the current year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 14th were given a $0.90 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a yield of 2.00%. Diamondback Energy’s payout ratio is currently 20.61%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Johnson Rice downgraded Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. Truist Financial increased their price objective on shares of Diamondback Energy from $230.00 to $236.00 and gave the company a “buy” rating in a research report on Monday. Benchmark reaffirmed a “buy” rating and set a $195.00 price objective on shares of Diamondback Energy in a research report on Tuesday, October 29th. Wolfe Research raised Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 target price on the stock in a report on Friday, January 3rd. Finally, Scotiabank decreased their price target on Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average price target of $210.08.

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.