Gries Financial LLC Sells 249 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Gries Financial LLC lessened its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 1.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,031 shares of the oil and natural gas company’s stock after selling 249 shares during the period. Gries Financial LLC’s holdings in Diamondback Energy were worth $2,609,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of FANG. Consolidated Planning Corp grew its holdings in shares of Diamondback Energy by 12.3% in the second quarter. Consolidated Planning Corp now owns 17,328 shares of the oil and natural gas company’s stock worth $3,469,000 after purchasing an additional 1,902 shares during the last quarter. Strategy Asset Managers LLC bought a new stake in shares of Diamondback Energy during the second quarter valued at approximately $1,132,000. Larson Financial Group LLC boosted its holdings in shares of Diamondback Energy by 4.0% in the second quarter. Larson Financial Group LLC now owns 15,023 shares of the oil and natural gas company’s stock valued at $3,007,000 after purchasing an additional 573 shares during the period. Foundations Investment Advisors LLC grew its stake in Diamondback Energy by 23.4% in the second quarter. Foundations Investment Advisors LLC now owns 4,540 shares of the oil and natural gas company’s stock worth $909,000 after purchasing an additional 860 shares in the last quarter. Finally, Simon Quick Advisors LLC purchased a new position in Diamondback Energy during the 2nd quarter worth $202,000. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Down 0.9 %

Shares of FANG traded down $1.66 during mid-day trading on Wednesday, hitting $185.82. 276,322 shares of the company traded hands, compared to its average volume of 1,525,298. The company has a market capitalization of $33.14 billion, a PE ratio of 10.52, a price-to-earnings-growth ratio of 1.23 and a beta of 1.90. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The business has a 50 day moving average of $199.01 and a 200 day moving average of $195.97. Diamondback Energy, Inc. has a 1-year low of $143.08 and a 1-year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The business had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter last year, the company posted $3.68 earnings per share. The business’s quarterly revenue was up 29.4% on a year-over-year basis. Equities research analysts anticipate that Diamondback Energy, Inc. will post 19.08 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently declared a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were given a dividend of $2.34 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a yield of 1.9%. This is a boost from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s payout ratio is currently 20.29%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Scotiabank lowered their target price on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. UBS Group upped their price objective on shares of Diamondback Energy from $245.00 to $247.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Piper Sandler cut their target price on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Bank of America boosted their price target on shares of Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $220.00 price objective on shares of Diamondback Energy in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $211.45.

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.