Concord Asset Management LLC VA Has $508,000 Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Concord Asset Management LLC VA raised its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 4.9% during the third quarter, Holdings Channel reports. The firm owned 2,945 shares of the oil and natural gas company’s stock after purchasing an additional 138 shares during the period. Concord Asset Management LLC VA’s holdings in Diamondback Energy were worth $508,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FANG. First Community Trust NA acquired a new position in shares of Diamondback Energy in the 2nd quarter worth approximately $26,000. Carolinas Wealth Consulting LLC lifted its position in shares of 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 valued at $27,000 after acquiring an additional 55 shares during the period. HHM Wealth Advisors LLC acquired a new position in shares of Diamondback Energy during the 2nd quarter valued at $40,000. Values First Advisors Inc. acquired a new position in shares of Diamondback Energy during the 3rd quarter valued at $42,000. Finally, Founders Capital Management lifted its position in shares of Diamondback Energy by 99.2% during the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after acquiring an additional 125 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Price Performance

FANG opened at $176.60 on Friday. The company has a market capitalization of $51.57 billion, a price-to-earnings ratio of 10.11, a PEG ratio of 1.26 and a beta of 1.89. 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 firm has a 50-day moving average price of $181.16 and a 200-day moving average price of $191.36. Diamondback Energy, Inc. has a twelve month low of $145.70 and a twelve month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its 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 business had revenue of $2.65 billion during 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.49 EPS. Equities analysts expect that Diamondback Energy, Inc. will post 16.78 EPS for the current year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.60 annualized dividend and a dividend yield of 2.04%. Diamondback Energy’s payout ratio is 20.61%.

Insider Transactions at Diamondback Energy

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of the firm’s stock in a transaction that occurred on 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 directly owns 4,712 shares in the company, valued at approximately $852,872. This trade represents a 19.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’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 transaction of $2,313,698,661.30. Following the completion of the transaction, the insider now owns 1,037,819 shares of the company’s stock, valued at $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. Corporate insiders own 0.48% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. KeyCorp dropped their target price on shares of Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Barclays raised shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $216.00 to $210.00 in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. initiated coverage on shares of Diamondback Energy in a research note on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price objective on the stock. Bank of America raised their price objective on shares of Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, July 23rd. Finally, BMO Capital Markets raised shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $205.00 to $215.00 in a research note on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.