9258 Wealth Management LLC Takes Position in Diamondback Energy, Inc. (NASDAQ:FANG)

9258 Wealth Management LLC acquired a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,677 shares of the oil and natural gas company’s stock, valued at approximately $332,000.

Several other hedge funds have also recently made changes to their positions in the stock. Founders Capital Management grew its position 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 valued at $25,000 after buying an additional 101 shares during the period. BKM Wealth Management LLC bought a new position in shares of Diamondback Energy in the fourth quarter worth approximately $27,000. Logan Capital Management Inc. bought a new position in shares of Diamondback Energy in the fourth quarter worth approximately $31,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Diamondback Energy in the fourth quarter worth approximately $34,000. Finally, CVA Family Office LLC bought a new position in shares of Diamondback Energy in the fourth quarter worth approximately $35,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction dated 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 transaction, 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 document filed with the SEC, which can be accessed through this hyperlink. In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction dated 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 transaction, 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 document filed with the SEC, which can be accessed through this hyperlink. Also, VP Jere W. Thompson III sold 900 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $199.90, for a total transaction of $179,910.00. Following the transaction, the vice president now owns 7,585 shares in the company, valued at $1,516,241.50. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Benchmark reiterated a “buy” rating and issued a $154.00 price target on shares of Diamondback Energy in a research report on Thursday, June 20th. KeyCorp initiated coverage on shares of Diamondback Energy in a research report on Thursday, June 27th. They issued an “overweight” rating and a $225.00 price target for the company. Morgan Stanley dropped their target price on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, April 15th. Scotiabank upped their target price on shares of Diamondback Energy from $210.00 to $255.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Finally, Susquehanna upped their target price on shares of Diamondback Energy from $212.00 to $245.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $209.35.

Diamondback Energy Trading Up 2.4 %

Shares of FANG traded up $4.90 during midday trading on Thursday, hitting $207.29. The stock had a trading volume of 988,860 shares, compared to its average volume of 1,606,820. Diamondback Energy, Inc. has a 1 year low of $134.68 and a 1 year high of $211.96. The firm has a market cap of $36.97 billion, a PE ratio of 11.41, a price-to-earnings-growth ratio of 1.10 and a beta of 1.90. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89. The stock’s 50 day moving average is $196.85 and its 200 day moving average is $184.28.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, topping the consensus estimate of $4.29 by $0.21. The company had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.10 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The firm’s revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the firm posted $4.10 EPS. As a group, analysts forecast that Diamondback Energy, Inc. will post 19.05 EPS for the current fiscal year.

Diamondback Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Investors of record on Wednesday, May 15th were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend was Tuesday, May 14th. Diamondback Energy’s dividend payout ratio is presently 20.29%.

Diamondback Energy 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.