Nepsis Inc. Has $14.49 Million Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Nepsis Inc. grew its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 1.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 84,065 shares of the oil and natural gas company’s stock after purchasing an additional 1,103 shares during the period. Diamondback Energy comprises about 3.4% of Nepsis Inc.’s portfolio, making the stock its 18th largest position. Nepsis Inc.’s holdings in Diamondback Energy were worth $14,493,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. First Community Trust NA acquired a new position in Diamondback Energy in the second quarter valued at about $26,000. Carolinas Wealth Consulting LLC grew its position in shares of Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after purchasing an additional 55 shares during the period. HHM Wealth Advisors LLC bought a new stake in Diamondback Energy during the 2nd quarter worth approximately $40,000. Founders Capital Management raised its holdings in Diamondback Energy by 99.2% during the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock worth $50,000 after buying an additional 125 shares during the period. Finally, CVA Family Office LLC lifted its stake in Diamondback Energy by 28.1% in the third quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock valued at $51,000 after buying an additional 65 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the company. UBS Group dropped their price target on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Citigroup began coverage on shares of Diamondback Energy in a research note on Monday, October 14th. They set a “neutral” rating and a $195.00 price target for the company. Piper Sandler boosted their price objective on shares of Diamondback Energy from $240.00 to $252.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Wolfe Research assumed coverage on shares of Diamondback Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, Truist Financial increased their price objective on shares of Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and an average target price of $210.09.

Diamondback Energy Stock Performance

Diamondback Energy stock traded up $0.03 during trading hours on Friday, hitting $183.99. The company had a trading volume of 1,214,343 shares, compared to its average volume of 1,735,151. Diamondback Energy, Inc. has a one year low of $145.70 and a one year high of $214.50. The firm has a 50-day moving average of $186.35 and a 200 day moving average of $194.77. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. The firm has a market cap of $32.81 billion, a PE ratio of 10.37, a PEG ratio of 1.22 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last released 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 the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the company posted $3.68 EPS. The firm’s quarterly revenue was up 29.4% on a year-over-year basis. On average, sell-side analysts expect that Diamondback Energy, Inc. will post 19.08 earnings per share for the current year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were paid a $2.34 dividend. 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 payout ratio is 20.29%.

Insider Buying and Selling at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the sale, the insider now directly owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.48% of the company’s stock.

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.