SeaCrest Wealth Management LLC Makes New $520,000 Investment in Diamondback Energy, Inc. (NASDAQ:FANG)

SeaCrest Wealth Management LLC bought a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,597 shares of the oil and natural gas company’s stock, valued at approximately $520,000.

A number of other large investors have also recently added to or reduced their stakes in FANG. Founders Capital Management raised its stake 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 valued at $25,000 after purchasing an additional 101 shares during the period. First Community Trust NA acquired a new position in Diamondback Energy in the 2nd quarter valued at approximately $26,000. Logan Capital Management Inc. acquired a new stake in shares of Diamondback Energy during the 4th quarter valued at $31,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of Diamondback Energy during the 1st quarter valued at $49,000. Finally, First Horizon Advisors Inc. increased its stake in shares of Diamondback Energy by 37.3% in the fourth quarter. First Horizon Advisors Inc. now owns 320 shares of the oil and natural gas company’s stock worth $50,000 after acquiring an additional 87 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Scotiabank reduced their price target on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Stifel Nicolaus lifted their price target on shares of Diamondback Energy from $224.00 to $229.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $220.00 target price on shares of Diamondback Energy in a report on Tuesday, August 13th. Benchmark reaffirmed a “buy” rating and issued a $154.00 price target on shares of Diamondback Energy in a research report on Tuesday, August 6th. Finally, Piper Sandler dropped their price target on Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $211.85.

Diamondback Energy Stock Up 1.5 %

FANG traded up $2.94 during trading on Wednesday, reaching $192.69. The company had a trading volume of 165,962 shares, compared to its average volume of 1,549,395. The company has a market cap of $34.37 billion, a P/E ratio of 10.70, a PEG ratio of 1.06 and a beta of 1.90. Diamondback Energy, Inc. has a 12 month low of $143.08 and a 12 month high of $214.50. The business’s fifty day moving average price is $198.52 and its 200 day moving average price is $193.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.51 by $0.01. The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The company’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same quarter last year, the business posted $3.68 EPS. Equities analysts anticipate that Diamondback Energy, Inc. will post 18.63 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th will be paid a $2.34 dividend. This represents a yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date of this dividend is Thursday, August 15th. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.29%.

Insider Activity at Diamondback Energy

In related news, COO Daniel N. Wesson sold 6,000 shares of the firm’s 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 completion of the sale, the chief operating officer now directly owns 69,677 shares in the company, valued at approximately $13,736,123.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.48% of the stock is owned by company 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.