Wealth Enhancement Advisory Services LLC Sells 14,561 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Wealth Enhancement Advisory Services LLC trimmed its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 47.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,971 shares of the oil and natural gas company’s stock after selling 14,561 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Diamondback Energy were worth $2,753,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FANG. NorthCrest Asset Manangement LLC raised its stake in shares of Diamondback Energy by 6.0% in the third quarter. NorthCrest Asset Manangement LLC now owns 1,650 shares of the oil and natural gas company’s stock worth $284,000 after acquiring an additional 94 shares during the last quarter. Arkadios Wealth Advisors raised its position in Diamondback Energy by 2.7% in the 3rd quarter. Arkadios Wealth Advisors now owns 5,873 shares of the oil and natural gas company’s stock worth $1,012,000 after purchasing an additional 157 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Diamondback Energy by 6.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,453 shares of the oil and natural gas company’s stock worth $12,364,000 after buying an additional 4,663 shares in the last quarter. Parcion Private Wealth LLC bought a new position in Diamondback Energy in the 3rd quarter valued at $410,000. Finally, Mayfair Advisory Group LLC increased its stake in shares of Diamondback Energy by 32.6% in the 3rd quarter. Mayfair Advisory Group LLC now owns 1,868 shares of the oil and natural gas company’s stock valued at $322,000 after buying an additional 459 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.48% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FANG. Citigroup began coverage on Diamondback Energy in a report on Monday, October 14th. They set a “neutral” rating and a $195.00 price objective for the company. Truist Financial raised their price objective on shares of Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Sanford C. Bernstein dropped their target price on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a research report on Wednesday, July 17th. Morgan Stanley raised their price target on Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $220.00 price objective on shares of Diamondback Energy in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $210.09.

Diamondback Energy Stock Performance

FANG opened at $175.81 on Friday. The company has a market capitalization of $51.82 billion, a price-to-earnings ratio of 9.09, a P/E/G ratio of 1.23 and a beta of 1.89. The business’s 50-day moving average price is $183.29 and its two-hundred day moving average price is $193.06. Diamondback Energy, Inc. has a 1 year low of $145.70 and a 1 year high of $214.50. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter last year, the firm earned $3.68 EPS. Diamondback Energy’s revenue for the quarter was up 29.4% compared to the same quarter last year. Equities analysts expect that Diamondback Energy, Inc. will post 17.21 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently announced a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were issued a dividend of $2.34 per share. This is a boost from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date of this dividend was Thursday, August 15th. This represents a yield of 1.9%. Diamondback Energy’s dividend payout ratio is presently 18.60%.

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.