Invera Wealth Advisors LLC Boosts Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Invera Wealth Advisors LLC lifted its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 9.5% during the 1st quarter, Holdings Channel reports. The fund owned 8,141 shares of the oil and natural gas company’s stock after buying an additional 704 shares during the quarter. Diamondback Energy comprises 1.4% of Invera Wealth Advisors LLC’s portfolio, making the stock its 28th largest holding. Invera Wealth Advisors LLC’s holdings in Diamondback Energy were worth $1,625,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Patriot Financial Group Insurance Agency LLC lifted its stake in Diamondback Energy by 3.7% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,797 shares of the oil and natural gas company’s stock worth $278,000 after purchasing an additional 64 shares during the last quarter. Coldstream Capital Management Inc. lifted its stake in Diamondback Energy by 1.8% during the third quarter. Coldstream Capital Management Inc. now owns 3,655 shares of the oil and natural gas company’s stock worth $566,000 after purchasing an additional 64 shares during the last quarter. MCF Advisors LLC lifted its stake in Diamondback Energy by 8.6% during the fourth quarter. MCF Advisors LLC now owns 846 shares of the oil and natural gas company’s stock worth $131,000 after purchasing an additional 67 shares during the last quarter. Veracity Capital LLC lifted its stake in Diamondback Energy by 3.5% during the third quarter. Veracity Capital LLC now owns 2,061 shares of the oil and natural gas company’s stock worth $319,000 after purchasing an additional 70 shares during the last quarter. Finally, Bleakley Financial Group LLC lifted its stake in Diamondback Energy by 2.5% during the fourth quarter. Bleakley Financial Group LLC now owns 3,115 shares of the oil and natural gas company’s stock worth $483,000 after purchasing an additional 75 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Price Performance

NASDAQ:FANG traded down $1.90 during trading hours on Monday, hitting $205.86. The company’s stock had a trading volume of 1,663,288 shares, compared to its average volume of 1,723,635. The business’s 50-day moving average is $193.78 and its two-hundred day moving average is $169.96. The company has a market capitalization of $36.71 billion, a PE ratio of 11.87 and a beta of 1.93. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.74 and a current ratio of 0.77. Diamondback Energy, Inc. has a 52-week low of $123.41 and a 52-week high of $211.96.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.61 by $0.13. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the prior year, the business posted $5.29 earnings per share. Diamondback Energy’s revenue was up 9.8% compared to the same quarter last year. As a group, research analysts anticipate that Diamondback Energy, Inc. will post 18.83 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Tuesday, March 5th were given a $3.08 dividend. The ex-dividend date of this dividend was Monday, March 4th. This represents a $12.32 dividend on an annualized basis and a dividend yield of 5.98%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.84. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.76%.

Analyst Ratings Changes

FANG has been the subject of several recent analyst reports. Scotiabank boosted their target price on Diamondback Energy from $210.00 to $255.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. BMO Capital Markets increased their price objective on Diamondback Energy from $167.00 to $175.00 and gave the company a “market perform” rating in a report on Tuesday, February 13th. Raymond James decreased their price target on Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Truist Financial increased their price target on Diamondback Energy from $248.00 to $250.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Finally, Bank of America raised Diamondback Energy from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $129.00 to $170.00 in a report on Monday, February 12th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $202.53.

Insider Activity

In other news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total value of $1,153,020.00. Following the completion of the transaction, the chief operating officer now owns 78,218 shares in the company, valued at $15,031,153.06. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total value of $1,153,020.00. Following the completion of the transaction, the chief operating officer now owns 78,218 shares in the company, valued at $15,031,153.06. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Travis D. Stice sold 30,000 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the completion of the transaction, the chief executive officer now owns 446,610 shares of the company’s stock, valued at approximately $89,322,000. The disclosure for this sale can be found here. Insiders sold a total of 57,675 shares of company stock worth $11,311,096 over the last 90 days. 0.43% of the stock is currently owned by corporate insiders.

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.