Secure Asset Management LLC Grows Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Secure Asset Management LLC raised its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 6.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,341 shares of the oil and natural gas company’s stock after buying an additional 455 shares during the quarter. Secure Asset Management LLC’s holdings in Diamondback Energy were worth $1,470,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Founders Capital Management boosted its position in Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after acquiring an additional 101 shares in the last quarter. First Community Trust NA purchased a new position in Diamondback Energy during the second quarter valued at $26,000. Logan Capital Management Inc. bought a new stake in shares of Diamondback Energy during the 4th quarter valued at $31,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of Diamondback Energy in the 1st quarter worth about $49,000. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Diamondback Energy by 37.3% during the fourth quarter. First Horizon Advisors Inc. now owns 320 shares of the oil and natural gas company’s stock valued at $50,000 after purchasing an additional 87 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Stock Performance

FANG stock traded up $3.49 during midday trading on Friday, reaching $195.22. 752,691 shares of the company’s stock traded hands, compared to its average volume of 1,546,261. The stock’s 50-day moving average is $198.68 and its 200 day moving average is $193.99. The stock has a market cap of $34.82 billion, a P/E ratio of 11.00, a PEG ratio of 1.06 and a beta of 1.90. Diamondback Energy, Inc. has a 52-week low of $143.08 and a 52-week high of $214.50. The company has a current ratio of 0.92, a quick ratio of 0.89 and a debt-to-equity ratio of 0.37.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The company had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period last year, the firm earned $3.68 EPS. Diamondback Energy’s revenue for the quarter was up 29.4% compared to the same quarter last year. As a group, analysts anticipate that Diamondback Energy, Inc. will post 18.63 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were paid a dividend of $2.34 per share. The ex-dividend date was Thursday, August 15th. This is an increase from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. Diamondback Energy’s payout ratio is 20.29%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. StockNews.com lowered Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Saturday, July 6th. Wolfe Research began coverage on Diamondback Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Scotiabank cut their price objective on shares of Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Benchmark reaffirmed a “buy” rating and issued a $154.00 target price on shares of Diamondback Energy in a report on Tuesday, August 6th. Finally, Truist Financial increased their price target on shares of Diamondback Energy from $249.00 to $255.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $211.85.

Insider Buying and Selling

In other news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction 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 sale, the chief operating officer now directly owns 69,677 shares in the company, valued at approximately $13,736,123.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.48% of the stock is currently owned by 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.