Wedbush Securities Inc. Reduces Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Wedbush Securities Inc. lowered its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 9.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,432 shares of the oil and natural gas company’s stock after selling 260 shares during the quarter. Wedbush Securities Inc.’s holdings in Diamondback Energy were worth $487,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Franklin Resources Inc. raised its position in Diamondback Energy by 14.1% in the 4th quarter. Franklin Resources Inc. now owns 50,633 shares of the oil and natural gas company’s stock valued at $7,852,000 after purchasing an additional 6,240 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Diamondback Energy by 178.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock valued at $6,112,000 after buying an additional 19,552 shares during the last quarter. TFO Wealth Partners LLC boosted its stake in shares of Diamondback Energy by 78,990.0% during the fourth quarter. TFO Wealth Partners LLC now owns 7,909 shares of the oil and natural gas company’s stock worth $1,227,000 after buying an additional 7,899 shares during the period. Integrated Advisors Network LLC grew its holdings in shares of Diamondback Energy by 92.8% during the fourth quarter. Integrated Advisors Network LLC now owns 13,031 shares of the oil and natural gas company’s stock worth $2,021,000 after buying an additional 6,272 shares during the last quarter. Finally, Kapitalo Investimentos Ltda increased its position in Diamondback Energy by 1,842.5% in the 4th quarter. Kapitalo Investimentos Ltda now owns 4,390 shares of the oil and natural gas company’s stock valued at $681,000 after acquiring an additional 4,164 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Barclays boosted their target price on Diamondback Energy from $214.00 to $216.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Truist Financial upped their price objective on shares of Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Piper Sandler lowered their target price on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Benchmark reissued a “buy” rating and set a $154.00 price target on shares of Diamondback Energy in a report on Tuesday, August 6th. Finally, StockNews.com lowered Diamondback Energy from a “buy” rating to a “hold” rating in a report on Saturday, July 6th. One analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.45.

Diamondback Energy Stock Up 1.4 %

Shares of NASDAQ FANG opened at $170.86 on Friday. The firm’s 50-day moving average is $195.39 and its two-hundred day moving average is $195.66. The company has a market capitalization of $30.47 billion, a PE ratio of 9.63, a price-to-earnings-growth ratio of 1.13 and a beta of 1.89. Diamondback Energy, Inc. has a 12-month low of $143.08 and a 12-month 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.

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

Diamondback Energy Increases Dividend

The business also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were paid a dividend of $2.34 per share. The ex-dividend date was Thursday, August 15th. This represents a dividend yield of 1.9%. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

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.