L & S Advisors Inc Sells 29,893 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

L & S Advisors Inc reduced its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 50.9% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 28,888 shares of the oil and natural gas company’s stock after selling 29,893 shares during the quarter. L & S Advisors Inc’s holdings in Diamondback Energy were worth $5,783,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Founders Capital Management boosted its position in Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after buying an additional 101 shares during the period. First Community Trust NA bought a new stake in shares of Diamondback Energy in the second quarter worth $26,000. Logan Capital Management Inc. bought a new position in Diamondback Energy during the 4th quarter worth $31,000. HHM Wealth Advisors LLC bought a new position in Diamondback Energy during the 2nd quarter worth $40,000. Finally, Edmond DE Rothschild Holding S.A. bought a new stake in shares of Diamondback Energy in the 4th quarter valued at about $54,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on FANG shares. Benchmark reaffirmed a “buy” rating and issued a $154.00 price objective on shares of Diamondback Energy in a research note on Tuesday, August 6th. Morgan Stanley increased their price objective on shares of Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research report on Monday. Bank of America boosted their target price on shares of Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. Piper Sandler lowered their price objective on Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Finally, Sanford C. Bernstein dropped their price objective on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $210.86.

Diamondback Energy Price Performance

FANG stock opened at $174.81 on Tuesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66. The business has a 50-day simple moving average of $194.20 and a two-hundred day simple moving average of $195.81. The company has a market capitalization of $31.18 billion, a P/E ratio of 9.85, a price-to-earnings-growth ratio of 1.06 and a beta of 1.89. Diamondback Energy, Inc. has a 52-week low of $143.08 and a 52-week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.51 by $0.01. The company had revenue of $2.48 billion for 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.68 earnings per share. Research analysts expect that Diamondback Energy, Inc. will post 19.08 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were issued a $2.34 dividend. The ex-dividend date was Thursday, August 15th. This represents a dividend yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio is currently 20.29%.

Diamondback Energy 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.