Moors & Cabot Inc. Decreases Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Moors & Cabot Inc. trimmed its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 5.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,330 shares of the oil and natural gas company’s stock after selling 174 shares during the period. Moors & Cabot Inc.’s holdings in Diamondback Energy were worth $667,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Founders Capital Management lifted its stake 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 worth $25,000 after buying an additional 101 shares in the last quarter. First Community Trust NA purchased a new position in shares of Diamondback Energy in the second quarter worth about $26,000. Logan Capital Management Inc. purchased a new position in shares of Diamondback Energy in the fourth quarter worth about $31,000. HHM Wealth Advisors LLC purchased a new position in shares of Diamondback Energy in the second quarter worth about $40,000. Finally, Edmond DE Rothschild Holding S.A. purchased a new position in shares of Diamondback Energy in the fourth quarter worth about $54,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Susquehanna cut their price objective on shares of Diamondback Energy from $245.00 to $237.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Morgan Stanley raised their price objective on shares of Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research report on Monday. KeyCorp assumed coverage on shares of Diamondback Energy in a research report on Thursday, June 27th. They set an “overweight” rating and a $225.00 price objective for the company. Truist Financial raised their price objective on shares of Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Finally, UBS Group cut their price objective on shares of Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a research report on Wednesday. One 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $209.71.

Diamondback Energy Stock Up 2.0 %

Shares of Diamondback Energy stock opened at $181.63 on Friday. Diamondback Energy, Inc. has a 52-week low of $143.08 and a 52-week high of $214.50. The company has a 50 day moving average of $192.75 and a 200 day moving average of $195.55. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $32.39 billion, a P/E ratio of 10.24, a P/E/G ratio of 1.06 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly 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 net margin of 37.51% and a return on equity of 19.54%. The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the previous year, the firm earned $3.68 earnings per share. The firm’s quarterly revenue was up 29.4% on a year-over-year basis. As a group, research analysts forecast that Diamondback Energy, Inc. will post 19.08 EPS for the current fiscal 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 $2.34 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s payout ratio is currently 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.