Morse Asset Management Inc Decreases Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Morse Asset Management Inc decreased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 4.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 23,913 shares of the oil and natural gas company’s stock after selling 1,090 shares during the period. Diamondback Energy makes up approximately 1.2% of Morse Asset Management Inc’s investment portfolio, making the stock its 28th largest holding. Morse Asset Management Inc’s holdings in Diamondback Energy were worth $4,787,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Founders Capital Management grew its position in shares of 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 valued at $25,000 after acquiring an additional 101 shares during the period. First Community Trust NA acquired a new position in Diamondback Energy in the 2nd quarter valued at $26,000. Carolinas Wealth Consulting LLC lifted its holdings in 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 purchasing an additional 55 shares in the last quarter. Logan Capital Management Inc. purchased a new stake in shares of Diamondback Energy during the fourth quarter worth $31,000. Finally, HHM Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy in the second quarter valued at about $40,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $181.00 on Monday. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. The company has a market cap of $32.28 billion, a P/E ratio of 10.20, a P/E/G ratio of 1.06 and a beta of 1.89. The stock has a 50-day moving average of $192.28 and a two-hundred day moving average of $195.78. Diamondback Energy, Inc. has a 1-year low of $143.08 and a 1-year 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 for the quarter, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the prior year, the firm earned $3.68 EPS. The firm’s revenue for the quarter was up 29.4% on a year-over-year basis. As a group, analysts anticipate that Diamondback Energy, Inc. will post 19.08 EPS for the current year.

Diamondback Energy Increases Dividend

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

Analysts Set New Price Targets

Several brokerages recently issued reports on FANG. Truist Financial upped their price objective on shares of Diamondback Energy from $249.00 to $255.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Sanford C. Bernstein dropped their target price on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Bank of America lifted their price target on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Morgan Stanley upped their price objective on shares of Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Finally, Benchmark reaffirmed a “buy” rating and set a $154.00 target price on shares of Diamondback Energy in a research note on Tuesday, August 6th. One research 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $209.71.

Diamondback Energy Company 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.