Diamondback Energy, Inc. (NASDAQ:FANG) Stake Raised by Zega Financial LLC

Zega Financial LLC lifted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 14.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 46,438 shares of the oil and natural gas company’s stock after purchasing an additional 5,753 shares during the quarter. Diamondback Energy comprises approximately 1.7% of Zega Financial LLC’s investment portfolio, making the stock its 8th biggest position. Zega Financial LLC’s holdings in Diamondback Energy were worth $9,296,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FANG. Founders Capital Management boosted its stake in Diamondback Energy by 404.0% during the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after buying an additional 101 shares during the period. First Community Trust NA acquired a new position in shares of Diamondback Energy in the 2nd quarter worth approximately $26,000. Logan Capital Management Inc. purchased a new position in shares of Diamondback Energy during the 4th quarter worth approximately $31,000. HHM Wealth Advisors LLC acquired a new stake in Diamondback Energy in the 2nd quarter valued at approximately $40,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Diamondback Energy in the second quarter valued at approximately $65,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Susquehanna lowered their price target on Diamondback Energy from $245.00 to $237.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. StockNews.com downgraded Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Saturday, July 6th. Morgan Stanley increased their price target on shares of Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research report on Monday. Scotiabank lowered their price objective on shares of Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Finally, Truist Financial upped their target price on shares of Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $210.86.

Diamondback Energy Stock Up 2.8 %

FANG opened at $179.77 on Wednesday. The business has a 50 day moving average price of $193.74 and a two-hundred day moving average price of $195.78. Diamondback Energy, Inc. has a 52 week low of $143.08 and a 52 week high of $214.50. The company has a market cap of $32.06 billion, a PE ratio of 10.13, a P/E/G ratio of 1.06 and a beta of 1.89. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping 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 analysts’ expectations of $2.19 billion. During the same quarter in the prior year, the business earned $3.68 earnings per share. The company’s quarterly revenue was up 29.4% compared to the same quarter last year. As a group, research analysts anticipate that Diamondback Energy, Inc. will post 19.08 EPS for the current year.

Diamondback Energy Increases Dividend

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

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.