Concord Wealth Partners Sells 83 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Concord Wealth Partners lessened its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 2.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,932 shares of the oil and natural gas company’s stock after selling 83 shares during the period. Concord Wealth Partners’ holdings in Diamondback Energy were worth $678,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Diamondback Energy by 38.2% during 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 acquiring an additional 2,381,488 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Diamondback Energy by 16.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock worth $603,038,000 after buying an additional 415,902 shares during the last quarter. Boston Partners grew its stake in shares of 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 during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Diamondback Energy by 10.1% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock worth $538,547,000 after buying an additional 247,065 shares during the last quarter. Finally, Pacer Advisors Inc. grew its stake in shares of Diamondback Energy by 7.1% in the 2nd quarter. Pacer Advisors Inc. now owns 2,473,831 shares of the oil and natural gas company’s stock worth $495,236,000 after buying an additional 164,732 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Down 2.8 %

NASDAQ FANG traded down $5.21 on Monday, hitting $179.17. The stock had a trading volume of 647,024 shares, compared to its average volume of 1,722,670. The business’s fifty day moving average price is $184.90 and its 200 day moving average price is $193.93. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. Diamondback Energy, Inc. has a 52-week low of $145.70 and a 52-week high of $214.50. The stock has a market cap of $31.95 billion, a price-to-earnings ratio of 10.39, a price-to-earnings-growth ratio of 1.27 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last posted 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 company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The firm’s quarterly revenue was up 29.4% on a year-over-year basis. During the same period in the previous year, the firm posted $3.68 earnings per share. Equities research analysts anticipate that Diamondback Energy, Inc. will post 17.37 earnings per share for the current year.

Diamondback Energy Increases Dividend

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

Analysts Set New Price Targets

FANG has been the topic of several analyst reports. KeyCorp lowered their price objective on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Scotiabank lowered their price target on Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Citigroup assumed coverage on Diamondback Energy in a report on Monday, October 14th. They issued a “neutral” rating and a $195.00 target price on the stock. Bank of America raised 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. Finally, Morgan Stanley increased their price target on Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $210.09.

Insider Transactions at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the sale, the insider now owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.48% of the company’s stock.

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.