Abich Financial Wealth Management LLC Acquires 787 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Abich Financial Wealth Management LLC raised its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 19,675.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 791 shares of the oil and natural gas company’s stock after purchasing an additional 787 shares during the quarter. Abich Financial Wealth Management LLC’s holdings in Diamondback Energy were worth $158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Diamondback Energy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 21,869,787 shares of the oil and natural gas company’s stock worth $3,391,567,000 after buying an additional 176,208 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Diamondback Energy by 38.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock worth $1,706,076,000 after acquiring an additional 2,381,488 shares during the period. Bank of New York Mellon Corp boosted its stake in Diamondback Energy by 16.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock worth $603,038,000 after purchasing an additional 415,902 shares during the period. Boston Partners grew its holdings in Diamondback Energy by 235.6% during the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after buying an additional 1,916,900 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Diamondback Energy by 10.1% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock valued at $538,547,000 after buying an additional 247,065 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Truist Financial raised their price objective on shares of Diamondback Energy from $249.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. StockNews.com lowered shares of Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Saturday, July 6th. Barclays increased their price objective on Diamondback Energy from $214.00 to $216.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Morgan Stanley boosted their target price on Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Finally, Bank of America raised their price target on Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $209.71.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $185.43 on Wednesday. The company has a 50-day simple moving average of $191.30 and a two-hundred day simple moving average of $195.81. Diamondback Energy, Inc. has a 12-month low of $143.08 and a 12-month high of $214.50. The firm has a market cap of $33.08 billion, a price-to-earnings ratio of 10.45, a PEG ratio of 1.17 and a beta of 1.89. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65.

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 the consensus estimate of $4.51 by $0.01. The company had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. Diamondback Energy’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same period in the prior year, the business posted $3.68 EPS. On average, equities analysts forecast that Diamondback Energy, Inc. will post 18.97 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently announced a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were paid a $2.34 dividend. This represents a dividend yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date of this dividend was Thursday, August 15th. Diamondback Energy’s payout ratio 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.