Evolve Private Wealth LLC Buys 4,711 Shares of Diamondback Energy, Inc. $FANG

Evolve Private Wealth LLC lifted its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 202.4% in the first quarter, Holdings Channel reports. The firm owned 7,039 shares of the oil and natural gas company’s stock after buying an additional 4,711 shares during the period. Evolve Private Wealth LLC’s holdings in Diamondback Energy were worth $1,392,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of FANG. Flagship Harbor Advisors LLC bought a new stake in Diamondback Energy during the 4th quarter valued at $25,000. Laurel Wealth Advisors LLC bought a new position in shares of Diamondback Energy during the 4th quarter worth $26,000. Richardson Financial Services Inc. grew its position in shares of Diamondback Energy by 245.1% during the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock worth $26,000 after buying an additional 125 shares in the last quarter. JPL Wealth Management LLC purchased a new position in shares of Diamondback Energy during the third quarter valued at $26,000. Finally, Wellington Shields & Co. LLC increased its stake in shares of Diamondback Energy by 264.7% during the fourth quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company’s stock valued at $28,000 after buying an additional 135 shares during the period. Institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FANG. Barclays lifted their price objective on Diamondback Energy from $225.00 to $232.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Raymond James Financial reissued a “strong-buy” rating and set a $249.00 target price on shares of Diamondback Energy in a research report on Wednesday, June 10th. Truist Financial set a $242.00 target price on shares of Diamondback Energy in a research report on Wednesday, May 6th. UBS Group boosted their price target on shares of Diamondback Energy from $240.00 to $245.00 and gave the company a “buy” rating in a report on Friday, April 10th. Finally, Freedom Capital raised shares of Diamondback Energy to a “strong-buy” rating in a research report on Tuesday, March 10th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Diamondback Energy has an average rating of “Buy” and a consensus price target of $221.37.

Insider Activity

In other Diamondback Energy news, CAO Teresa L. Dick sold 7,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the sale, the chief accounting officer directly owned 85,755 shares of the company’s stock, valued at approximately $17,228,179.50. This represents a 7.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Mark Lawrence Plaumann sold 500 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $196.50, for a total transaction of $98,250.00. Following the completion of the sale, the director owned 13,437 shares in the company, valued at $2,640,370.50. This represents a 3.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 121,548 shares of company stock valued at $23,146,460. Company insiders own 0.64% of the company’s stock.

Diamondback Energy Trading Up 2.3%

Shares of NASDAQ:FANG opened at $187.80 on Tuesday. The company has a market capitalization of $52.83 billion, a PE ratio of 218.37 and a beta of 0.42. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 12-month low of $134.30 and a 12-month high of $214.51. The business’s fifty day simple moving average is $195.06 and its 200-day simple moving average is $177.02.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, topping analysts’ consensus estimates of $3.74 by $0.49. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The firm had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $3.83 billion. During the same period in the prior year, the business posted $4.54 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities research analysts predict that Diamondback Energy, Inc. will post 19.92 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were issued a $1.10 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $1.05. This represents a $4.40 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Thursday, May 14th. Diamondback Energy’s dividend payout ratio is presently 511.63%.

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.