Balboa Wealth Partners Takes Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Balboa Wealth Partners acquired a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the fourth quarter, Holdings Channel.com reports. The fund acquired 1,563 shares of the oil and natural gas company’s stock, valued at approximately $242,000.

Other hedge funds and other institutional investors have also made changes to their positions 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 buying an additional 354 shares during the last quarter. Raymond James Trust N.A. increased its stake in shares of Diamondback Energy by 145.2% in the fourth quarter. Raymond James Trust N.A. now owns 11,993 shares of the oil and natural gas company’s stock worth $1,860,000 after buying an additional 7,102 shares during the last quarter. Larson Financial Group LLC increased its stake in shares of Diamondback Energy by 748.0% in 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 last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Diamondback Energy by 613.7% in the fourth quarter. Sequoia Financial Advisors LLC now owns 15,401 shares of the oil and natural gas company’s stock worth $2,388,000 after buying an additional 13,243 shares during the last quarter. Finally, Raymond James & Associates increased its stake in shares of Diamondback Energy by 143.0% in the fourth quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock worth $152,177,000 after buying an additional 577,514 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG traded up $1.90 during midday trading on Thursday, reaching $194.24. 323,635 shares of the company traded hands, compared to its average volume of 1,671,916. Diamondback Energy, Inc. has a 52 week low of $123.41 and a 52 week high of $211.96. The stock has a 50-day moving average price of $200.01 and a 200 day moving average price of $174.10. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89. The company has a market cap of $34.64 billion, a price-to-earnings ratio of 10.84 and a beta of 1.91.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share for the quarter, beating analysts’ consensus estimates of $4.29 by $0.21. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.10 billion. During the same period in the previous year, the business earned $4.10 earnings per share. The company’s revenue was up 15.7% on a year-over-year basis. Sell-side analysts anticipate that Diamondback Energy, Inc. will post 19.01 earnings per share for the current fiscal year.

Diamondback Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th were given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.85%. The ex-dividend date was Tuesday, May 14th. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on FANG shares. KeyCorp lifted their price objective on shares of Diamondback Energy from $210.00 to $225.00 and gave the stock an “overweight” rating in a report on Monday, April 22nd. Piper Sandler lifted their price objective on shares of Diamondback Energy from $227.00 to $247.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Barclays started coverage on shares of Diamondback Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $214.00 price objective for the company. Wells Fargo & Company decreased their price objective on shares of Diamondback Energy from $227.00 to $224.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. Finally, Susquehanna lifted their price objective on shares of Diamondback Energy from $212.00 to $245.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $205.95.

Insiders Place Their Bets

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total value of $1,153,020.00. Following the sale, the chief operating officer now directly owns 78,218 shares in the company, valued at $15,031,153.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Diamondback Energy news, CFO Hof Matthew Kaes Van’t sold 12,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $190.82, for a total transaction of $2,289,840.00. Following the sale, the chief financial officer now owns 185,882 shares in the company, valued at approximately $35,470,003.24. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total value of $1,153,020.00. Following the sale, the chief operating officer now owns 78,218 shares in the company, valued at approximately $15,031,153.06. The disclosure for this sale can be found here. Over the last three months, insiders have sold 58,575 shares of company stock worth $11,491,006. 0.43% of the stock is owned by corporate insiders.

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.