Oak Harbor Wealth Partners LLC Purchases 124 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Oak Harbor Wealth Partners LLC increased its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 3.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,604 shares of the oil and natural gas company’s stock after acquiring an additional 124 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in Diamondback Energy were worth $722,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of FANG. Founders Capital Management raised 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 purchasing an additional 101 shares during the period. First Community Trust NA bought a new stake in Diamondback Energy during the 2nd quarter valued at $26,000. Logan Capital Management Inc. purchased a new stake in shares of Diamondback Energy during the 4th quarter valued at $31,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of Diamondback Energy during the 1st quarter valued at $49,000. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Diamondback Energy by 37.3% during the 4th quarter. First Horizon Advisors Inc. now owns 320 shares of the oil and natural gas company’s stock valued at $50,000 after purchasing an additional 87 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Down 0.9 %

FANG stock traded down $1.76 during trading on Friday, reaching $194.82. The stock had a trading volume of 1,163,869 shares, compared to its average volume of 1,563,180. Diamondback Energy, Inc. has a 1-year low of $143.08 and a 1-year high of $214.50. The company has a current ratio of 0.92, a quick ratio of 0.89 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $34.74 billion, a P/E ratio of 10.98, a PEG ratio of 1.06 and a beta of 1.90. The firm has a fifty day moving average price of $198.56 and a 200 day moving average price of $192.85.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, topping the consensus estimate 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 earned $3.68 EPS. The company’s revenue was up 29.4% on a year-over-year basis. On average, equities analysts anticipate that Diamondback Energy, Inc. will post 18.63 earnings per share for the current year.

Diamondback Energy Increases Dividend

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

Analysts Set New Price Targets

FANG has been the topic of a number of analyst reports. UBS Group dropped their target price on Diamondback Energy from $257.00 to $245.00 and set a “buy” rating on the stock in a research report on Tuesday. Truist Financial lifted their price objective on Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Wolfe Research started coverage on Diamondback Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Stifel Nicolaus lifted their price objective on Diamondback Energy from $224.00 to $229.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Finally, Bank of America boosted their target price on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $211.75.

Insiders Place Their Bets

In other news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now directly owns 69,677 shares of the company’s stock, valued at approximately $13,736,123.78. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.48% of the stock is owned by insiders.

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.