Biltmore Wealth Management LLC Sells 270 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Biltmore Wealth Management LLC reduced its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 6.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,654 shares of the oil and natural gas company’s stock after selling 270 shares during the quarter. Biltmore Wealth Management LLC’s holdings in Diamondback Energy were worth $731,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its stake in Diamondback Energy by 38.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock worth $1,706,076,000 after buying an additional 2,381,488 shares in the last quarter. Boston Partners increased its stake in Diamondback Energy by 235.6% in the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after buying an additional 1,916,900 shares in the last quarter. Homestead Advisers Corp purchased a new stake in Diamondback Energy in the 1st quarter worth $87,940,000. Lord Abbett & CO. LLC purchased a new stake in Diamondback Energy in the 1st quarter worth $77,510,000. Finally, Clearbridge Investments LLC purchased a new position in shares of Diamondback Energy during the first quarter valued at about $40,533,000. 90.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on FANG. StockNews.com lowered Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Saturday, July 6th. Sanford C. Bernstein cut their price objective on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a research report on Wednesday, July 17th. Barclays raised their price objective on Diamondback Energy from $214.00 to $216.00 and gave the company an “equal weight” rating in a research report on Wednesday. Wolfe Research initiated coverage on Diamondback Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Truist Financial lifted their price target on Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and a consensus price target of $210.00.

Diamondback Energy Stock Up 1.2 %

NASDAQ:FANG traded up $2.28 during trading hours on Friday, reaching $199.77. The company’s stock had a trading volume of 1,289,255 shares, compared to its average volume of 1,572,757. The company has a market capitalization of $35.63 billion, a P/E ratio of 11.26, a price-to-earnings-growth ratio of 1.06 and a beta of 1.90. Diamondback Energy, Inc. has a 12 month low of $143.08 and a 12 month high of $214.50. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. The stock has a 50 day moving average price of $197.86 and a two-hundred day moving average price of $191.67.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data 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 net margin of 36.71% and a return on equity of 19.36%. The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the previous year, the firm posted $3.68 earnings per share. Diamondback Energy’s revenue for the quarter was up 29.4% compared to the same quarter last year. Equities analysts predict that Diamondback Energy, Inc. will post 18.63 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

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

Insiders Place Their Bets

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total value of $1,182,840.00. Following the transaction, the chief operating officer now directly owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.48% of the company’s stock.

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.