Confluence Wealth Services Inc. Purchases Shares of 2,697 Diamondback Energy, Inc. (NASDAQ:FANG)

Confluence Wealth Services Inc. acquired a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 2,697 shares of the oil and natural gas company’s stock, valued at approximately $535,000.

Other institutional investors have also recently made changes to their positions in the company. Founders Capital Management increased its position in 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 purchasing an additional 101 shares during the last quarter. BKM Wealth Management LLC bought a new stake in shares of Diamondback Energy in the 4th quarter worth about $27,000. BluePath Capital Management LLC purchased a new stake in shares of Diamondback Energy during the 3rd quarter valued at about $28,000. Logan Capital Management Inc. bought a new position in shares of Diamondback Energy in the 4th quarter valued at about $31,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in Diamondback Energy in the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Activity

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were 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 directly owns 78,218 shares in the company, valued at $15,031,153.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total value of $1,153,020.00. Following the transaction, the chief operating officer now directly owns 78,218 shares of the company’s stock, valued at $15,031,153.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total value of $6,000,000.00. Following the transaction, the chief executive officer now directly owns 446,610 shares in the company, valued at $89,322,000. The disclosure for this sale can be found here. In the last three months, insiders have sold 57,675 shares of company stock worth $11,311,096. 0.43% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Bank Of America (Bofa) lowered their price objective on Diamondback Energy from $147.00 to $129.00 and set an “underperform” rating for the company in a research note on Thursday, January 18th. BMO Capital Markets lifted their price objective on shares of Diamondback Energy from $167.00 to $175.00 and gave the stock a “market perform” rating in a research note on Tuesday, February 13th. Mizuho increased their target price on shares of Diamondback Energy from $200.00 to $217.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Truist Financial increased their price objective on shares of Diamondback Energy from $248.00 to $250.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Finally, Piper Sandler boosted their target price on Diamondback Energy from $227.00 to $247.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $202.53.

Diamondback Energy Stock Down 2.3 %

Diamondback Energy stock traded down $4.73 during midday trading on Tuesday, hitting $201.13. 2,042,402 shares of the company’s stock were exchanged, compared to its average volume of 1,728,141. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.74 and a current ratio of 0.77. The company has a market cap of $35.87 billion, a PE ratio of 11.60 and a beta of 1.93. The firm has a 50-day moving average of $194.24 and a two-hundred day moving average of $170.21. Diamondback Energy, Inc. has a 12 month low of $123.41 and a 12 month high of $211.96.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.23 by $0.27. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.10 billion. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The company’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period last year, the firm earned $4.10 earnings per share. As a group, analysts expect that Diamondback Energy, Inc. will post 18.83 earnings per share for the current fiscal year.

Diamondback Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.79%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.76%.

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.