Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by Abich Financial Wealth Management LLC

Abich Financial Wealth Management LLC lessened its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 39.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 480 shares of the oil and natural gas company’s stock after selling 311 shares during the period. Abich Financial Wealth Management LLC’s holdings in Diamondback Energy were worth $83,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in FANG. First Community Trust NA purchased a new stake in shares of Diamondback Energy in the second quarter valued at about $26,000. Carolinas Wealth Consulting LLC lifted its holdings in shares of Diamondback Energy by 67.1% in 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 buying an additional 55 shares during the period. HHM Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy in the second quarter valued at approximately $40,000. Values First Advisors Inc. acquired a new stake in Diamondback Energy in the third quarter valued at $42,000. Finally, Founders Capital Management lifted its stake in shares of Diamondback Energy by 99.2% in the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after purchasing an additional 125 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Buying and Selling

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy 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 sale, the insider now directly owns 1,037,819 shares in the company, valued at $181,732,485.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.48% of the company’s stock.

Diamondback Energy Price Performance

NASDAQ:FANG traded down $0.03 during trading hours on Tuesday, reaching $178.16. 202,417 shares of the company’s stock were exchanged, compared to its average volume of 1,720,856. The company has a market capitalization of $31.77 billion, a P/E ratio of 10.04, a price-to-earnings-growth ratio of 1.27 and a beta of 1.89. Diamondback Energy, Inc. has a 12 month low of $145.70 and a 12 month high of $214.50. The business’s 50-day simple moving average is $184.55 and its two-hundred day simple moving average is $193.72. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the firm posted $3.68 EPS. The company’s quarterly revenue was up 29.4% on a year-over-year basis. Sell-side analysts expect that Diamondback Energy, Inc. will post 17.37 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 given a $2.34 dividend. This is an increase from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 15th. Diamondback Energy’s dividend payout ratio (DPR) is 20.29%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FANG. Evercore ISI decreased their price target on shares of Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. BMO Capital Markets upgraded Diamondback Energy from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $205.00 to $215.00 in a report on Friday, October 4th. Bank of America raised their price objective on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. JPMorgan Chase & Co. initiated coverage on Diamondback Energy in a research report on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 target price on the stock. Finally, Citigroup started coverage on shares of Diamondback Energy in a research note on Monday, October 14th. They issued a “neutral” rating and a $195.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $210.09.

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.