Cornerstone Wealth Management LLC Decreases Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Cornerstone Wealth Management LLC reduced its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 7.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 3,583 shares of the oil and natural gas company’s stock after selling 299 shares during the period. Cornerstone Wealth Management LLC’s holdings in Diamondback Energy were worth $587,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of FANG. Franklin Resources Inc. lifted its holdings in Diamondback Energy by 48.5% in the 3rd quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock worth $28,008,000 after buying an additional 47,951 shares during the period. Benjamin Edwards Inc. lifted its stake in Diamondback Energy by 368.1% in the third quarter. Benjamin Edwards Inc. now owns 9,784 shares of the oil and natural gas company’s stock worth $1,687,000 after acquiring an additional 7,694 shares during the period. Everence Capital Management Inc. bought a new stake in Diamondback Energy in the fourth quarter valued at $1,053,000. Geode Capital Management LLC boosted its holdings in Diamondback Energy by 6.1% in the third quarter. Geode Capital Management LLC now owns 4,618,560 shares of the oil and natural gas company’s stock valued at $793,611,000 after acquiring an additional 266,299 shares in the last quarter. Finally, Atria Investments Inc increased its position in Diamondback Energy by 18.5% during the 3rd quarter. Atria Investments Inc now owns 42,678 shares of the oil and natural gas company’s stock valued at $7,358,000 after purchasing an additional 6,672 shares during the period. 90.01% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the sale, the director now owns 4,712 shares of the company’s stock, valued at $852,872. This represents a 19.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.48% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FANG shares. The Goldman Sachs Group initiated coverage on shares of Diamondback Energy in a research report on Monday, December 2nd. They issued a “buy” rating and a $227.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $210.00 price objective on shares of Diamondback Energy in a research report on Thursday. StockNews.com raised Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, November 13th. Susquehanna dropped their price target on Diamondback Energy from $237.00 to $233.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Finally, UBS Group decreased their price objective on Diamondback Energy from $235.00 to $212.00 and set a “buy” rating for the company in a report on Monday, December 9th. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $215.00.

Diamondback Energy Stock Down 1.9 %

FANG stock opened at $173.26 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. Diamondback Energy, Inc. has a 1-year low of $147.93 and a 1-year high of $214.50. The stock has a market capitalization of $50.59 billion, a P/E ratio of 9.92, a P/E/G ratio of 1.44 and a beta of 1.88. The business has a fifty day moving average price of $170.28 and a 200-day moving average price of $182.26.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the prior year, the company posted $5.49 EPS. Diamondback Energy’s revenue was up 13.0% on a year-over-year basis. Equities analysts forecast that Diamondback Energy, Inc. will post 15.58 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were paid a dividend of $0.90 per share. The ex-dividend date was Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a yield of 2.08%. Diamondback Energy’s dividend payout ratio is presently 20.61%.

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.