Diamondback Energy, Inc. (NASDAQ:FANG) Position Increased by Zega Financial LLC

Zega Financial LLC grew its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 14.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,438 shares of the oil and natural gas company’s stock after buying an additional 5,753 shares during the period. Diamondback Energy accounts for 1.7% of Zega Financial LLC’s holdings, making the stock its 8th biggest position. Zega Financial LLC’s holdings in Diamondback Energy were worth $9,296,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Founders Capital Management increased its holdings in Diamondback Energy by 404.0% in 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 acquired a new stake in shares of Diamondback Energy in the second quarter worth $26,000. Logan Capital Management Inc. purchased a new position in shares of Diamondback Energy during the fourth quarter worth $31,000. HHM Wealth Advisors LLC acquired a new position in Diamondback Energy during the second quarter valued at $40,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Diamondback Energy in the second quarter valued at $65,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $179.77 on Wednesday. The firm has a 50-day simple moving average of $193.74 and a 200-day simple moving average of $195.78. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $32.06 billion, a price-to-earnings ratio of 10.13, 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 quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. Diamondback Energy’s revenue was up 29.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.68 EPS. On average, equities analysts predict that Diamondback Energy, Inc. will post 19.08 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

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

Wall Street Analysts Forecast Growth

FANG has been the subject of several analyst reports. Bank of America boosted their price objective on Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. Benchmark restated a “buy” rating and issued a $154.00 price objective on shares of Diamondback Energy in a research report on Tuesday, August 6th. Piper Sandler dropped their price objective on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Jefferies Financial Group assumed coverage on shares of Diamondback Energy in a research note on Monday. They issued a “hold” rating and a $185.00 target price for the company. Finally, Royal Bank of Canada restated an “outperform” rating and set a $220.00 price target on shares of Diamondback Energy in a research report on Tuesday. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Diamondback Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $210.86.

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.