Hobbs Group Advisors LLC Acquires New Shares in Diamondback Energy, Inc. (NASDAQ:FANG)

Hobbs Group Advisors LLC bought a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 327 shares of the oil and natural gas company’s stock, valued at approximately $65,000.

A number of other hedge funds have also recently made changes to their positions in the company. CWM LLC increased its position in Diamondback Energy by 1.8% during the 4th quarter. CWM LLC now owns 19,717 shares of the oil and natural gas company’s stock valued at $3,058,000 after purchasing an additional 354 shares during the period. Franklin Resources Inc. boosted its stake in shares of Diamondback Energy by 14.1% in the 4th quarter. Franklin Resources Inc. now owns 50,633 shares of the oil and natural gas company’s stock valued at $7,852,000 after purchasing an additional 6,240 shares during the last quarter. Larson Financial Group LLC increased its position in shares of Diamondback Energy by 748.0% during the fourth quarter. Larson Financial Group LLC now owns 15,221 shares of the oil and natural gas company’s stock worth $2,361,000 after buying an additional 13,426 shares during the period. abrdn plc raised its stake in Diamondback Energy by 70.9% during the fourth quarter. abrdn plc now owns 75,333 shares of the oil and natural gas company’s stock worth $11,683,000 after buying an additional 31,241 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Diamondback Energy by 178.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock valued at $6,112,000 after buying an additional 19,552 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy 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 transaction, the chief operating officer now directly owns 69,677 shares in the company, valued at approximately $13,736,123.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FANG shares. Royal Bank of Canada reissued an “outperform” rating and issued a $220.00 price objective on shares of Diamondback Energy in a research note on Tuesday, August 13th. Scotiabank cut their price target on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. KeyCorp initiated coverage on shares of Diamondback Energy in a research note on Thursday, June 27th. They issued an “overweight” rating and a $225.00 price objective for the company. Mizuho increased their target price on shares of Diamondback Energy from $217.00 to $222.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, Wells Fargo & Company decreased their price target on shares of Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and an average price target of $211.85.

Diamondback Energy Stock Performance

NASDAQ FANG traded down $6.09 on Tuesday, hitting $189.75. 1,105,884 shares of the stock traded hands, compared to its average volume of 1,557,987. 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 business’s fifty day moving average is $198.60 and its two-hundred day moving average is $193.43. Diamondback Energy, Inc. has a 12 month low of $143.08 and a 12 month high of $214.50. The firm has a market capitalization of $33.84 billion, a price-to-earnings ratio of 10.70, a PEG ratio of 1.06 and a beta of 1.90.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly 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 return on equity of 19.36% and a net margin of 36.71%. 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 prior year, the company earned $3.68 EPS. The firm’s quarterly revenue was up 29.4% compared to the same quarter last year. As a group, equities analysts anticipate that Diamondback Energy, Inc. will post 18.63 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently announced a None dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th will be paid a $2.34 dividend. This is an increase from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date is Thursday, August 15th. This represents a dividend yield of 1.9%. Diamondback Energy’s dividend payout ratio (DPR) 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.