NewEdge Advisors LLC Acquires 16,096 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

NewEdge Advisors LLC lifted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 79.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 36,480 shares of the oil and natural gas company’s stock after buying an additional 16,096 shares during the period. NewEdge Advisors LLC’s holdings in Diamondback Energy were worth $7,303,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FANG. Vanguard Group Inc. boosted its stake in shares of Diamondback Energy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 21,869,787 shares of the oil and natural gas company’s stock worth $3,391,567,000 after purchasing an additional 176,208 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Diamondback Energy by 38.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock worth $1,706,076,000 after purchasing an additional 2,381,488 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Diamondback Energy by 16.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock worth $603,038,000 after purchasing an additional 415,902 shares during the period. Boston Partners boosted its stake in shares of Diamondback Energy by 235.6% during the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after purchasing an additional 1,916,900 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Diamondback Energy by 10.1% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock worth $538,547,000 after purchasing an additional 247,065 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction dated Monday, September 23rd. The stock was 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 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 accessible through this hyperlink. 0.48% of the stock is currently owned by insiders.

Diamondback Energy Trading Up 1.0 %

NASDAQ FANG opened at $172.40 on Tuesday. 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 firm has a market cap of $30.75 billion, a PE ratio of 9.72, a price-to-earnings-growth ratio of 1.17 and a beta of 1.89. The company has a 50 day moving average price of $188.52 and a 200 day moving average price of $195.43. Diamondback Energy, Inc. has a 52 week low of $143.08 and a 52 week high of $214.50.

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, beating 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 for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the prior year, the business posted $3.68 EPS. Diamondback Energy’s revenue for the quarter was up 29.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Diamondback Energy, Inc. will post 18.97 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. Shareholders of record on Thursday, August 15th were given 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 payout ratio is currently 20.29%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FANG. Royal Bank of Canada reaffirmed an “outperform” rating and set a $220.00 price target on shares of Diamondback Energy in a research note on Tuesday, September 17th. Sanford C. Bernstein dropped their price target on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a research note on Wednesday, July 17th. Susquehanna lowered 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. Piper Sandler lowered 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 report on Thursday, August 15th. Finally, Johnson Rice cut shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $207.76.

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.