Axxcess Wealth Management LLC Acquires Shares of 1,106 Diamondback Energy, Inc. (NASDAQ:FANG)

Axxcess Wealth Management LLC acquired a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,106 shares of the oil and natural gas company’s stock, valued at approximately $219,000.

Other hedge funds have also recently bought and sold shares of the company. Founders Capital Management lifted its holdings in Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after buying an additional 101 shares during the last quarter. Logan Capital Management Inc. bought a new position in Diamondback Energy during the 4th quarter worth approximately $31,000. Turtle Creek Wealth Advisors LLC bought a new position in Diamondback Energy during the 4th quarter worth approximately $34,000. E Fund Management Hong Kong Co. Ltd. bought a new position in Diamondback Energy during the 1st quarter worth approximately $49,000. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Diamondback Energy by 37.3% in the 4th quarter. First Horizon Advisors Inc. now owns 320 shares of the oil and natural gas company’s stock worth $50,000 after purchasing an additional 87 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Price Performance

FANG opened at $200.76 on Friday. The stock has a market cap of $35.80 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 1.08 and a beta of 1.90. Diamondback Energy, Inc. has a 1 year low of $142.71 and a 1 year high of $214.50. The company has a current ratio of 0.92, a quick ratio of 0.89 and a debt-to-equity ratio of 0.37. The stock has a fifty day moving average price of $197.98 and a 200 day moving average price of $188.36.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.29 by $0.21. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.10 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter last year, the firm earned $4.10 earnings per share. Analysts forecast that Diamondback Energy, Inc. will post 18.63 EPS for the current fiscal year.

Diamondback Energy Cuts Dividend

The business 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. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.79%. Diamondback Energy’s dividend payout ratio is currently 20.29%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FANG. Barclays began coverage on Diamondback Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $214.00 price target on the stock. Royal Bank of Canada raised their price target on Diamondback Energy from $195.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, May 6th. Mizuho raised their price target on Diamondback Energy from $217.00 to $222.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Scotiabank cut their price target on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Finally, KeyCorp initiated coverage on Diamondback Energy in a report on Thursday, June 27th. They issued an “overweight” rating and a $225.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $209.65.

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, 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 of the company’s stock, valued at $13,736,123.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction dated 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 transaction, the chief operating officer now directly owns 69,677 shares in the company, valued at $13,736,123.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jere W. Thompson III sold 900 shares of Diamondback Energy stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $199.90, for a total value of $179,910.00. Following the completion of the transaction, the vice president now owns 7,585 shares in the company, valued at $1,516,241.50. The disclosure for this sale can be found here. 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.