Newbridge Financial Services Group Inc. Increases Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Newbridge Financial Services Group Inc. boosted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 31.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,062 shares of the oil and natural gas company’s stock after purchasing an additional 494 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Diamondback Energy were worth $413,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Quent Capital LLC increased its stake in shares of Diamondback Energy by 7.2% during the 2nd quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock valued at $162,000 after acquiring an additional 54 shares during the last quarter. Carolinas Wealth Consulting LLC grew its holdings in Diamondback Energy by 67.1% in the second 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 during the period. Sugarloaf Wealth Management LLC increased its position in Diamondback Energy by 0.3% during the second quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock worth $3,999,000 after purchasing an additional 56 shares during the last quarter. Versant Capital Management Inc raised its stake in Diamondback Energy by 16.1% during the second quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock worth $82,000 after purchasing an additional 57 shares during the period. Finally, Confluence Investment Management LLC boosted its holdings in shares of Diamondback Energy by 1.6% in the 2nd quarter. Confluence Investment Management LLC now owns 3,667 shares of the oil and natural gas company’s stock valued at $734,000 after purchasing an additional 58 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Price Performance

Shares of FANG opened at $177.52 on Wednesday. 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 $31.66 billion, a P/E ratio of 10.01, a PEG ratio of 1.17 and a beta of 1.89. Diamondback Energy, Inc. has a 12 month low of $143.08 and a 12 month high of $214.50. The stock has a fifty day moving average price of $188.11 and a 200 day moving average price of $195.35.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data 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. The business had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business’s revenue for the quarter was up 29.4% compared to the same quarter last year. During the same period in the prior year, the company posted $3.68 EPS. On average, research analysts forecast that Diamondback Energy, Inc. will post 18.97 earnings per share for the current year.

Diamondback Energy Increases Dividend

The company also recently announced 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. The ex-dividend date was Thursday, August 15th. This represents a yield of 1.9%. This is a boost from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.29%.

Insiders Place Their Bets

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.48% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FANG. Sanford C. Bernstein dropped their price objective on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Scotiabank reduced their price objective on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Wells Fargo & Company cut their price target on shares of Diamondback Energy from $230.00 to $219.00 and set an “overweight” rating on the stock in a report on Tuesday. Piper Sandler decreased their price objective on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Finally, Johnson Rice downgraded shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average price target of $206.95.

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.