Lord & Richards Wealth Management LLC Trims Holdings in Diamondback Energy, Inc. $FANG

Lord & Richards Wealth Management LLC lowered its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 50.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,527 shares of the oil and natural gas company’s stock after selling 5,585 shares during the period. Lord & Richards Wealth Management LLC’s holdings in Diamondback Energy were worth $831,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. JPL Wealth Management LLC acquired a new stake in shares of Diamondback Energy during the third quarter worth about $26,000. E Fund Management Hong Kong Co. Ltd. grew its holdings in shares of Diamondback Energy by 106.3% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the oil and natural gas company’s stock worth $28,000 after buying an additional 102 shares during the last quarter. Salomon & Ludwin LLC acquired a new position in Diamondback Energy in the 3rd quarter valued at about $31,000. Twin Peaks Wealth Advisors LLC acquired a new position in Diamondback Energy in the 2nd quarter valued at about $29,000. Finally, KERR FINANCIAL PLANNING Corp purchased a new stake in Diamondback Energy during the 3rd quarter valued at approximately $38,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, EVP Matt Zmigrosky sold 20,899 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $180.00, for a total value of $3,761,820.00. Following the completion of the sale, the executive vice president owned 60,493 shares of the company’s stock, valued at approximately $10,888,740. This trade represents a 25.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven E. West sold 6,000 shares of the business’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $188.35, for a total transaction of $1,130,100.00. Following the sale, the director owned 4,484 shares in the company, valued at $844,561.40. The trade was a 57.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,209,212 shares of company stock valued at $199,689,401 in the last three months. Insiders own 0.48% of the company’s stock.

Diamondback Energy Price Performance

Shares of FANG opened at $198.65 on Tuesday. The company has a current ratio of 0.42, a quick ratio of 0.40 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average is $174.07 and its two-hundred day moving average is $156.44. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $204.91. The firm has a market capitalization of $55.88 billion, a PE ratio of 35.41 and a beta of 0.59.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, February 23rd. The oil and natural gas company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.26). The business had revenue of $3.38 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Diamondback Energy had a return on equity of 8.08% and a net margin of 11.07%.The business’s quarterly revenue was down 9.0% on a year-over-year basis. During the same period last year, the company posted $3.67 earnings per share. Research analysts anticipate 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 12th. Shareholders of record on Thursday, March 5th were given a $1.05 dividend. The ex-dividend date was Thursday, March 5th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $1.00. This represents a $4.20 annualized dividend and a yield of 2.1%. Diamondback Energy’s dividend payout ratio (DPR) is currently 74.87%.

Analysts Set New Price Targets

A number of research firms have weighed in on FANG. Barclays increased their price objective on Diamondback Energy from $185.00 to $190.00 and gave the stock an “overweight” rating in a research report on Monday, March 16th. Wall Street Zen cut Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Truist Financial started coverage on Diamondback Energy in a report on Tuesday, March 24th. They set a “buy” rating and a $222.00 price target for the company. Mizuho lifted their price objective on shares of Diamondback Energy from $205.00 to $220.00 and gave the company an “outperform” rating in a research report on Tuesday, March 17th. Finally, Freedom Capital raised shares of Diamondback Energy to a “strong-buy” rating in a research note on Tuesday, March 10th. Five equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $199.29.

Diamondback Energy Company Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.