IHT Wealth Management LLC Reduces Position in Diamondback Energy, Inc. (NASDAQ:FANG)

IHT Wealth Management LLC lowered its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 15.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,896 shares of the oil and natural gas company’s stock after selling 347 shares during the period. IHT Wealth Management LLC’s holdings in Diamondback Energy were worth $311,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wintrust Investments LLC purchased a new stake in shares of Diamondback Energy during the 4th quarter valued at $28,000. R Squared Ltd acquired a new position in Diamondback Energy during the fourth quarter valued at approximately $29,000. UMB Bank n.a. increased its position in shares of Diamondback Energy by 247.3% in the fourth quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company’s stock worth $31,000 after acquiring an additional 136 shares in the last quarter. Key Financial Inc lifted its holdings in shares of Diamondback Energy by 940.0% during the 4th quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company’s stock valued at $34,000 after acquiring an additional 188 shares in the last quarter. Finally, Transce3nd LLC acquired a new stake in Diamondback Energy in the 4th quarter valued at $38,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on FANG. Wolfe Research raised Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price target on the stock in a research report on Friday, January 3rd. Wells Fargo & Company reduced their price target on Diamondback Energy from $215.00 to $207.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Scotiabank cut their target price on Diamondback Energy from $215.00 to $175.00 and set a “sector outperform” rating on the stock in a research report on Friday, April 11th. Piper Sandler decreased their price target on shares of Diamondback Energy from $240.00 to $234.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Finally, UBS Group cut their price target on shares of Diamondback Energy from $175.00 to $163.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. Three analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $200.96.

Diamondback Energy Price Performance

Shares of FANG opened at $136.76 on Monday. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $214.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The stock has a fifty day moving average price of $145.04 and a 200 day moving average price of $162.57. The company has a market cap of $40.22 billion, a P/E ratio of 7.83, a PEG ratio of 1.24 and a beta of 1.44.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping analysts’ consensus estimates of $3.57 by $0.07. The business had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. On average, research analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.92%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, March 6th. Diamondback Energy’s dividend payout ratio is 25.32%.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru purchased 2,000 shares of the stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the acquisition, the director now owns 5,730 shares of the company’s stock, valued at approximately $896,802.30. This trade represents a 53.62 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.48% of the stock is owned by 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.