Miracle Mile Advisors LLC Sells 264 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Miracle Mile Advisors LLC lessened its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 4.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,127 shares of the oil and natural gas company’s stock after selling 264 shares during the period. Miracle Mile Advisors LLC’s holdings in Diamondback Energy were worth $1,026,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its position 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 valued at $1,706,076,000 after acquiring an additional 2,381,488 shares during the last quarter. Boston Partners raised its position in shares of Diamondback Energy by 235.6% during the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after acquiring an additional 1,916,900 shares during the last quarter. Homestead Advisers Corp bought a new stake in shares of Diamondback Energy during the 1st quarter valued at $87,940,000. Lord Abbett & CO. LLC bought a new stake in shares of Diamondback Energy during the 1st quarter valued at $77,510,000. Finally, Clearbridge Investments LLC bought a new stake in shares of Diamondback Energy during the 1st quarter valued at $40,533,000. Institutional investors own 90.01% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FANG. Royal Bank of Canada reissued an “outperform” rating and issued a $220.00 price target on shares of Diamondback Energy in a report on Tuesday. KeyCorp began coverage on shares of Diamondback Energy in a report on Thursday, June 27th. They issued an “overweight” rating and a $225.00 price target for the company. Truist Financial boosted their price target on shares of Diamondback Energy from $249.00 to $255.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Mizuho boosted their price target on shares of Diamondback Energy from $217.00 to $222.00 and gave the company a “buy” rating in a report on Monday, May 13th. Finally, Benchmark reissued a “buy” rating and issued a $154.00 price target on shares of Diamondback Energy in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus price target of $211.75.

Diamondback Energy Stock Down 0.9 %

Shares of Diamondback Energy stock traded down $1.76 during trading hours on Friday, reaching $194.82. 1,163,869 shares of the company’s stock were exchanged, compared to its average volume of 1,563,180. 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 company has a 50 day moving average of $198.56 and a two-hundred day moving average of $192.60. The stock has a market cap of $34.74 billion, a P/E ratio of 10.98, a P/E/G ratio of 1.06 and a beta of 1.90. Diamondback Energy, Inc. has a fifty-two week low of $143.08 and a fifty-two week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued 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 for the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. Diamondback Energy’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.68 EPS. On average, sell-side analysts forecast that Diamondback Energy, Inc. will post 18.63 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a None dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th will be issued a $2.34 dividend. This represents a dividend yield of 1.9%. This is a boost from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date is Thursday, August 15th. Diamondback Energy’s dividend payout ratio is presently 20.29%.

Insider Activity

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction dated Tuesday, May 28th. The shares were 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 of the company’s stock, valued at approximately $13,736,123.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.48% of the stock is owned by insiders.

About Diamondback Energy

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.