Sunbelt Securities Inc. Buys 400 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Sunbelt Securities Inc. increased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 23.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,116 shares of the oil and natural gas company’s stock after acquiring an additional 400 shares during the quarter. Sunbelt Securities Inc.’s holdings in Diamondback Energy were worth $424,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FANG. Founders Capital Management raised its holdings in shares of Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after purchasing an additional 101 shares during the last quarter. First Community Trust NA bought a new position in shares of Diamondback Energy in the second quarter valued at approximately $26,000. Carolinas Wealth Consulting LLC boosted 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 worth $27,000 after buying an additional 55 shares during the last quarter. Logan Capital Management Inc. bought a new stake in Diamondback Energy in the fourth quarter worth about $31,000. Finally, HHM Wealth Advisors LLC purchased a new position in Diamondback Energy in the second quarter valued at about $40,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $177.52 on Wednesday. The business’s 50-day moving average price is $188.11 and its 200-day moving average price is $195.35. The firm has a market capitalization of $31.66 billion, a PE ratio of 10.01, a price-to-earnings-growth 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 company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65.

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 analysts’ consensus estimates 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%. The firm’s revenue was up 29.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.68 EPS. Sell-side analysts forecast that Diamondback Energy, Inc. will post 18.97 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently announced a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were paid a $2.34 dividend. 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 20.29%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FANG. Bank of America increased 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. Susquehanna reduced their target price on shares of Diamondback Energy from $245.00 to $237.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Barclays increased their target price on Diamondback Energy from $214.00 to $216.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Morgan Stanley increased their price target on shares of Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, Wells Fargo & Company reduced their price objective on shares of Diamondback Energy from $230.00 to $219.00 and set an “overweight” rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Diamondback Energy currently has a consensus rating of “Moderate Buy” and an average target price of $207.24.

Insider Activity

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction 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 sale, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.48% of the company’s stock.

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.