CoreCap Advisors LLC Makes New Investment in Diamondback Energy, Inc. (NASDAQ:FANG)

CoreCap Advisors LLC acquired a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 1,873 shares of the oil and natural gas company’s stock, valued at approximately $375,000.

A number of other institutional investors have also recently modified their holdings of FANG. Founders Capital Management lifted its position in Diamondback Energy by 404.0% during the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 101 shares during the period. First Community Trust NA bought a new stake in shares of Diamondback Energy during the 2nd quarter worth approximately $26,000. Logan Capital Management Inc. acquired a new stake in shares of Diamondback Energy during the 4th quarter worth approximately $31,000. HHM Wealth Advisors LLC bought a new position in Diamondback Energy in the second quarter valued at approximately $40,000. Finally, Edmond DE Rothschild Holding S.A. bought a new position in Diamondback Energy in the fourth quarter valued at approximately $54,000. 90.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on FANG. Susquehanna reduced their target price on Diamondback Energy from $245.00 to $237.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Bank of America lifted their target price on Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Wolfe Research began coverage on shares of Diamondback Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $220.00 price target on shares of Diamondback Energy in a report on Tuesday, August 13th. Finally, StockNews.com downgraded shares of Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.45.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $172.42 on Friday. The stock’s 50 day moving average price is $194.77 and its two-hundred day moving average price is $195.75. The stock has a market capitalization of $30.76 billion, a price-to-earnings ratio of 9.72, a PEG ratio of 1.06 and a beta of 1.89. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66. Diamondback Energy, Inc. has a 52-week low of $143.08 and a 52-week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The business had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period last year, the company posted $3.68 earnings per share. The business’s quarterly revenue was up 29.4% on a year-over-year basis. On average, equities analysts predict that Diamondback Energy, Inc. will post 19.08 earnings per share for the current year.

Diamondback Energy Increases Dividend

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

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.