Wealth Enhancement Advisory Services LLC Sells 5,298 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Wealth Enhancement Advisory Services LLC reduced its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 13.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,864 shares of the oil and natural gas company’s stock after selling 5,298 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Diamondback Energy were worth $5,414,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Demars Financial Group LLC bought a new position in Diamondback Energy in the 4th quarter worth about $638,050,000. Raymond James Financial Inc. purchased a new position in Diamondback Energy in the fourth quarter worth about $298,327,000. Alyeska Investment Group L.P. bought a new position in shares of Diamondback Energy in the fourth quarter worth approximately $185,193,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Diamondback Energy by 11.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock worth $1,496,859,000 after buying an additional 928,429 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. grew its holdings in shares of Diamondback Energy by 30.5% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,817,554 shares of the oil and natural gas company’s stock valued at $461,600,000 after buying an additional 658,644 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Trading Down 0.9%

Shares of Diamondback Energy stock opened at $138.04 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.86 and a quick ratio of 0.83. The stock has a market capitalization of $40.33 billion, a PE ratio of 8.44 and a beta of 1.06. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $214.50. The company’s fifty day simple moving average is $139.85 and its 200-day simple moving average is $151.12.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.67 by $0.87. Diamondback Energy had a return on equity of 11.22% and a net margin of 30.84%. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.58 billion. During the same quarter in the previous year, the company posted $4.50 earnings per share. Diamondback Energy’s revenue for the quarter was up 81.8% on a year-over-year basis. As a group, equities analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were given a $1.00 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.90%. Diamondback Energy’s payout ratio is currently 24.46%.

Insider Transactions at Diamondback Energy

In other news, President Hof Matthew Kaes Van’t sold 10,000 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $142.69, for a total value of $1,426,900.00. Following the completion of the transaction, the president now owns 120,645 shares of the company’s stock, valued at $17,214,835.05. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FANG. Truist Financial boosted their price objective on shares of Diamondback Energy from $238.00 to $242.00 and gave the stock a “buy” rating in a report on Thursday, April 17th. UBS Group decreased their price target on Diamondback Energy from $175.00 to $163.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Barclays dropped their price objective on Diamondback Energy from $200.00 to $185.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. KeyCorp decreased their target price on Diamondback Energy from $216.00 to $180.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Finally, Evercore ISI initiated coverage on shares of Diamondback Energy in a report on Tuesday, May 6th. They set an “outperform” rating and a $165.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Diamondback Energy has a consensus rating of “Buy” and a consensus target price of $193.13.

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.