Oak Harbor Wealth Partners LLC Has $570,000 Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Oak Harbor Wealth Partners LLC trimmed its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 8.3% during the third quarter, HoldingsChannel.com reports. The fund owned 3,304 shares of the oil and natural gas company’s stock after selling 300 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in Diamondback Energy were worth $570,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of FANG. Quent Capital LLC raised its holdings in Diamondback Energy by 7.2% during the 2nd quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock worth $162,000 after buying an additional 54 shares during the period. Carolinas Wealth Consulting LLC raised its holdings in Diamondback Energy by 67.1% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after buying an additional 55 shares during the period. Financial Advocates Investment Management raised its holdings in Diamondback Energy by 3.0% during the 3rd quarter. Financial Advocates Investment Management now owns 1,907 shares of the oil and natural gas company’s stock worth $329,000 after buying an additional 55 shares during the period. Sugarloaf Wealth Management LLC raised its holdings in Diamondback Energy by 0.3% during the 2nd quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock worth $3,999,000 after buying an additional 56 shares during the period. Finally, Versant Capital Management Inc raised its holdings in Diamondback Energy by 16.1% during the 2nd quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock worth $82,000 after buying an additional 57 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 1,150 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the transaction, the director now directly owns 4,712 shares of the company’s stock, valued at approximately $852,872. The trade was a 19.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, the insider now directly owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This trade represents a 92.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $182.42 on Friday. The stock has a market cap of $53.26 billion, a P/E ratio of 10.44, a price-to-earnings-growth ratio of 1.30 and a beta of 1.89. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The stock’s 50-day moving average is $181.26 and its 200-day moving average is $191.70. Diamondback Energy, Inc. has a 1-year low of $145.70 and a 1-year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing the consensus estimate of $4.62 by ($1.24). The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter last year, the firm posted $5.49 earnings per share. Equities research analysts anticipate that Diamondback Energy, Inc. will post 16.78 earnings per share for the current year.

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 14th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Thursday, November 14th. Diamondback Energy’s payout ratio is presently 20.61%.

Wall Street Analyst Weigh In

FANG has been the topic of several research analyst reports. Truist Financial raised their target price on shares of Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Wells Fargo & Company restated a “sector outperform” rating on shares of Diamondback Energy in a report on Friday, October 18th. BMO Capital Markets raised shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $205.00 to $215.00 in a research note on Friday, October 4th. Evercore ISI decreased their price target on shares of Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. Finally, Johnson Rice cut shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $209.64.

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.