E&G Advisors LP Cuts Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

E&G Advisors LP reduced its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 3.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,930 shares of the oil and natural gas company’s stock after selling 100 shares during the quarter. E&G Advisors LP’s holdings in Diamondback Energy were worth $581,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. raised its position in Diamondback Energy by 0.8% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 429,164 shares of the oil and natural gas company’s stock valued at $85,047,000 after purchasing an additional 3,582 shares during the period. Vaughan Nelson Investment Management L.P. raised its position in Diamondback Energy by 2.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 327,792 shares of the oil and natural gas company’s stock valued at $64,959,000 after purchasing an additional 6,828 shares during the period. Park Place Capital Corp purchased a new position in Diamondback Energy in the first quarter valued at about $236,000. Hennion & Walsh Asset Management Inc. raised its position in Diamondback Energy by 27.7% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 7,326 shares of the oil and natural gas company’s stock valued at $1,452,000 after purchasing an additional 1,589 shares during the period. Finally, MCF Advisors LLC grew its stake in shares of Diamondback Energy by 60.2% during the first quarter. MCF Advisors LLC now owns 1,355 shares of the oil and natural gas company’s stock valued at $268,000 after acquiring an additional 509 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Jere W. Thompson III sold 900 shares of Diamondback Energy stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $199.90, for a total transaction of $179,910.00. Following the sale, the vice president now owns 7,585 shares of the company’s stock, valued at $1,516,241.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 transaction of $1,182,840.00. Following the sale, the chief operating officer now owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Jere W. Thompson III sold 900 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $199.90, for a total value of $179,910.00. Following the sale, the vice president now directly owns 7,585 shares in the company, valued at approximately $1,516,241.50. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FANG. Susquehanna raised their target price on Diamondback Energy from $212.00 to $245.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Barclays began coverage on Diamondback Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $214.00 target price for the company. StockNews.com upgraded Diamondback Energy from a “hold” rating to a “buy” rating in a research note on Thursday, June 27th. Truist Financial raised their target price on Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Finally, Benchmark restated a “buy” rating and set a $154.00 target price on shares of Diamondback Energy in a research note on Thursday, June 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Diamondback Energy has an average rating of “Moderate Buy” and an average price target of $209.35.

Diamondback Energy Stock Performance

FANG stock traded up $2.03 during midday trading on Wednesday, reaching $206.93. The company had a trading volume of 741,138 shares, compared to its average volume of 1,634,729. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average price of $196.80 and a 200 day moving average price of $182.45. Diamondback Energy, Inc. has a fifty-two week low of $125.73 and a fifty-two week high of $211.96. The firm has a market capitalization of $36.90 billion, a PE ratio of 11.66, a P/E/G ratio of 1.09 and a beta of 1.90.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, beating analysts’ consensus estimates of $4.29 by $0.21. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.10 billion. During the same period in the previous year, the firm posted $4.10 earnings per share. Diamondback Energy’s quarterly revenue was up 15.7% compared to the same quarter last year. Analysts anticipate that Diamondback Energy, Inc. will post 19.06 earnings per share for the current year.

Diamondback Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th were issued a dividend of $0.90 per share. The ex-dividend date was Tuesday, May 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.74%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

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.