Symphony Financial Ltd. Co. Decreases Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Symphony Financial Ltd. Co. reduced its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 49.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,021 shares of the oil and natural gas company’s stock after selling 1,986 shares during the period. Symphony Financial Ltd. Co.’s holdings in Diamondback Energy were worth $401,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in FANG. Hennion & Walsh Asset Management Inc. increased its position in shares of Diamondback Energy by 27.7% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 7,326 shares of the oil and natural gas company’s stock worth $1,452,000 after purchasing an additional 1,589 shares in the last quarter. MCF Advisors LLC boosted its stake in Diamondback Energy by 60.2% during the 1st quarter. MCF Advisors LLC now owns 1,355 shares of the oil and natural gas company’s stock worth $268,000 after purchasing an additional 509 shares during the last quarter. Reliant Investment Management LLC purchased a new stake in shares of Diamondback Energy during the first quarter worth $254,000. Hodges Capital Management Inc. raised its position in shares of Diamondback Energy by 27.1% in the first quarter. Hodges Capital Management Inc. now owns 8,260 shares of the oil and natural gas company’s stock valued at $1,637,000 after buying an additional 1,762 shares during the last quarter. Finally, Independence Bank of Kentucky raised its position in shares of Diamondback Energy by 25.8% in the first quarter. Independence Bank of Kentucky now owns 1,730 shares of the oil and natural gas company’s stock valued at $343,000 after buying an additional 355 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analysts Set New Price Targets

FANG has been the subject of several research reports. Piper Sandler upped their price objective on shares of Diamondback Energy from $227.00 to $247.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Mizuho increased their price target on Diamondback Energy from $217.00 to $222.00 and gave the company a “buy” rating in a report on Monday, May 13th. Susquehanna boosted their price objective on Diamondback Energy from $212.00 to $245.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Stifel Nicolaus upped their target price on Diamondback Energy from $224.00 to $229.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Finally, Royal Bank of Canada lifted their price target on Diamondback Energy from $195.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, May 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $209.35.

Diamondback Energy Trading Up 0.5 %

Shares of FANG traded up $1.00 during midday trading on Friday, hitting $200.19. 2,105,955 shares of the stock were exchanged, compared to its average volume of 1,434,126. Diamondback Energy, Inc. has a 52-week low of $125.73 and a 52-week high of $211.96. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. The stock has a fifty day simple moving average of $196.76 and a 200 day simple moving average of $181.50. The firm has a market cap of $35.70 billion, a P/E ratio of 11.28, a P/E/G ratio of 1.08 and a beta of 1.90.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, beating analysts’ consensus estimates of $4.29 by $0.21. The company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.10 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. Diamondback Energy’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period last year, the business posted $4.10 EPS. On average, research analysts anticipate that Diamondback Energy, Inc. will post 19.06 EPS for the current fiscal year.

Diamondback Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 22nd. Investors of record on Wednesday, May 15th were paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend was Tuesday, May 14th. Diamondback Energy’s payout ratio is currently 20.29%.

Insiders Place Their Bets

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total value of $1,182,840.00. Following the completion of the transaction, the chief operating officer now owns 69,677 shares in the company, valued at $13,736,123.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Diamondback Energy news, VP Jere W. Thompson III sold 900 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $199.90, for a total transaction of $179,910.00. Following the completion of the transaction, the vice president now owns 7,585 shares in the company, valued at approximately $1,516,241.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the completion of the sale, the chief operating officer now directly owns 69,677 shares in the company, valued at $13,736,123.78. The disclosure for this sale can be found here. Insiders have sold a total of 36,900 shares of company stock worth $7,362,750 in the last ninety days. 0.48% of the stock is 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.