Tributary Capital Management LLC Sells 80 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Tributary Capital Management LLC cut its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 4.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,890 shares of the oil and natural gas company’s stock after selling 80 shares during the quarter. Tributary Capital Management LLC’s holdings in Diamondback Energy were worth $378,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC increased its stake in shares of Diamondback Energy by 1.8% in the fourth quarter. CWM LLC now owns 19,717 shares of the oil and natural gas company’s stock worth $3,058,000 after purchasing an additional 354 shares in the last quarter. Franklin Resources Inc. increased its stake in 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 worth $7,852,000 after buying an additional 6,240 shares in the last quarter. abrdn plc raised its holdings 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 valued at $11,683,000 after acquiring an additional 31,241 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of 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 acquiring an additional 19,552 shares in the last quarter. Finally, TFO Wealth Partners LLC boosted its stake in shares of Diamondback Energy by 78,990.0% in the fourth quarter. TFO Wealth Partners LLC now owns 7,909 shares of the oil and natural gas company’s stock worth $1,227,000 after acquiring an additional 7,899 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Price Performance

FANG opened at $195.22 on Friday. The business has a fifty day moving average of $198.68 and a 200 day moving average of $194.29. The stock has a market cap of $34.82 billion, a P/E ratio of 11.00, a PEG ratio of 1.06 and a beta of 1.90. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. Diamondback Energy, Inc. has a 52-week low of $143.08 and a 52-week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. The firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The business’s revenue was up 29.4% on a year-over-year basis. During the same period in the previous year, the firm earned $3.68 earnings per share. As a group, sell-side analysts anticipate that Diamondback Energy, Inc. will post 18.63 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently announced a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were paid a $2.34 dividend. This is an increase from Diamondback Energy’s previous None dividend of $2.26. This represents a yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 15th. Diamondback Energy’s dividend payout ratio is currently 20.29%.

Insider Transactions at Diamondback Energy

In related news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was 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 owns 69,677 shares in the company, valued at $13,736,123.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Analysts Set New Price Targets

FANG has been the topic of several recent analyst reports. Piper Sandler decreased their target price on Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. StockNews.com downgraded shares of Diamondback Energy from a “buy” rating to a “hold” rating in a report on Saturday, July 6th. Mizuho upped their target price on shares of Diamondback Energy from $217.00 to $222.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Wolfe Research started coverage on shares of Diamondback Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, UBS Group raised their price objective on Diamondback Energy from $245.00 to $247.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $211.85.

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.