Parcion Private Wealth LLC Purchases Shares of 2,377 Diamondback Energy, Inc. (NASDAQ:FANG)

Parcion Private Wealth LLC purchased a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 2,377 shares of the oil and natural gas company’s stock, valued at approximately $410,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FANG. Wealthcare Advisory Partners LLC acquired a new stake in Diamondback Energy in the 1st quarter valued at $233,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Diamondback Energy by 9.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 10,980 shares of the oil and natural gas company’s stock valued at $2,176,000 after acquiring an additional 967 shares during the period. Hennion & Walsh Asset Management Inc. grew its position in shares of Diamondback Energy by 27.7% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 7,326 shares of the oil and natural gas company’s stock valued at $1,452,000 after acquiring an additional 1,589 shares during the period. Park Place Capital Corp bought a new position in shares of Diamondback Energy in the 1st quarter valued at about $236,000. Finally, Vaughan Nelson Investment Management L.P. grew its position in shares of Diamondback Energy by 2.1% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 327,792 shares of the oil and natural gas company’s stock valued at $64,959,000 after acquiring an additional 6,828 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Price Performance

FANG stock opened at $184.38 on Friday. The company has a 50 day simple moving average of $184.90 and a 200 day simple moving average of $194.02. The stock has a market cap of $54.34 billion, a price-to-earnings ratio of 9.53, a P/E/G ratio of 1.27 and a beta of 1.89. Diamondback Energy, Inc. has a 1 year low of $145.70 and a 1 year high of $214.50. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64.

Diamondback Energy (NASDAQ:FANG) last announced 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 net margin of 37.51% and a return on equity of 19.54%. The firm had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the prior year, the company posted $3.68 EPS. The company’s revenue was up 29.4% on a year-over-year basis. Research analysts anticipate that Diamondback Energy, Inc. will post 17.37 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were paid a $2.34 dividend. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. The ex-dividend date was Thursday, August 15th. Diamondback Energy’s dividend payout ratio is currently 18.60%.

Insider Activity

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.48% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Morgan Stanley lifted their price objective on shares of Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. KeyCorp decreased their price objective on shares of Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Barclays raised shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $216.00 to $210.00 in a research report on Wednesday, October 2nd. Benchmark lifted their target price on shares of Diamondback Energy from $154.00 to $195.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Finally, Piper Sandler lifted their target price on shares of Diamondback Energy from $240.00 to $252.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $210.09.

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.