SRS Capital Advisors Inc. Raises Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

SRS Capital Advisors Inc. raised its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 50.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,443 shares of the oil and natural gas company’s stock after purchasing an additional 814 shares during the period. SRS Capital Advisors Inc.’s holdings in Diamondback Energy were worth $379,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. BKM Wealth Management LLC acquired a new position in shares of Diamondback Energy during the 4th quarter worth about $27,000. BluePath Capital Management LLC purchased a new position in Diamondback Energy in the third quarter valued at approximately $28,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Diamondback Energy during the fourth quarter worth approximately $34,000. CVA Family Office LLC purchased a new stake in shares of Diamondback Energy during the 4th quarter worth approximately $35,000. Finally, Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Diamondback Energy by 559.0% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 257 shares of the oil and natural gas company’s stock valued at $40,000 after buying an additional 218 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FANG has been the topic of several research analyst reports. Truist Financial lifted their price target on shares of Diamondback Energy from $248.00 to $250.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Raymond James decreased their target price on Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating for the company in a research report on Wednesday, January 24th. Evercore ISI boosted their price objective on Diamondback Energy from $185.00 to $215.00 and gave the company an “outperform” rating in a research note on Monday, March 25th. Bank of America raised Diamondback Energy from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $129.00 to $170.00 in a report on Monday, February 12th. Finally, Scotiabank lifted their price objective on shares of Diamondback Energy from $210.00 to $255.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average price target of $204.37.

Diamondback Energy Price Performance

FANG traded up $3.87 on Friday, hitting $201.50. 1,873,692 shares of the company were exchanged, compared to its average volume of 1,745,569. Diamondback Energy, Inc. has a fifty-two week low of $123.41 and a fifty-two week high of $211.96. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.74 and a current ratio of 0.92. The firm has a market capitalization of $35.94 billion, a P/E ratio of 11.36 and a beta of 1.91. The business’s fifty day moving average is $194.99 and its 200 day moving average is $170.58.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share for the quarter, topping analysts’ consensus estimates of $4.29 by $0.21. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.10 billion. During the same quarter in the prior year, the firm posted $4.10 EPS. The company’s revenue was up 15.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Diamondback Energy, Inc. will post 18.96 EPS for the current year.

Diamondback Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Tuesday, May 14th. Diamondback Energy’s dividend payout ratio is currently 20.29%.

Insider Transactions at Diamondback Energy

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

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.