Sequoia Financial Advisors LLC Has $1.47 Million Stock Position in Diamondback Energy, Inc. $FANG

Sequoia Financial Advisors LLC raised its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 60.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,427 shares of the oil and natural gas company’s stock after acquiring an additional 2,800 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Diamondback Energy were worth $1,469,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Cedar Mountain Advisors LLC acquired a new position in shares of Diamondback Energy in the first quarter valued at approximately $26,000. Flagship Harbor Advisors LLC acquired a new stake in Diamondback Energy during the 4th quarter worth approximately $25,000. Laurel Wealth Advisors LLC bought a new stake in Diamondback Energy in the 4th quarter valued at $26,000. Richardson Financial Services Inc. boosted its stake in Diamondback Energy by 245.1% in the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock valued at $26,000 after purchasing an additional 125 shares during the period. Finally, JPL Wealth Management LLC acquired a new position in Diamondback Energy in the 3rd quarter valued at $26,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FANG has been the topic of several recent research reports. Raymond James Financial reiterated a “strong-buy” rating and set a $249.00 price objective on shares of Diamondback Energy in a research report on Wednesday, June 10th. Truist Financial reduced their target price on shares of Diamondback Energy from $242.00 to $220.00 and set a “buy” rating for the company in a research report on Thursday. Mizuho upped their price target on shares of Diamondback Energy from $220.00 to $240.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. UBS Group raised their price target on shares of Diamondback Energy from $240.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, April 10th. Finally, Wells Fargo & Company set a $212.00 price objective on shares of Diamondback Energy in a research note on Monday, June 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Diamondback Energy has an average rating of “Buy” and an average price target of $219.53.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $190.13 on Friday. The firm has a 50 day moving average of $191.10 and a 200-day moving average of $180.67. Diamondback Energy, Inc. has a 12 month low of $134.30 and a 12 month high of $214.51. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $53.49 billion, a PE ratio of 221.08 and a beta of 0.42.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.74 by $0.49. The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the business posted $4.54 EPS. On average, equities research analysts predict that Diamondback Energy, Inc. will post 19.21 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm 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. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Diamondback Energy’s previous quarterly dividend of $1.05. Diamondback Energy’s dividend payout ratio (DPR) is 511.63%.

Insiders Place Their Bets

In other news, CAO Teresa L. Dick sold 7,000 shares of Diamondback Energy stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total value of $1,406,300.00. Following the transaction, the chief accounting officer owned 85,755 shares in the company, valued at approximately $17,228,179.50. This trade represents a 7.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles Alvin Meloy sold 83,334 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total value of $15,593,458.08. Following the transaction, the director directly owned 851,530 shares of the company’s stock, valued at $159,338,293.60. This trade represents a 8.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 113,691 shares of company stock worth $21,622,752. 0.64% of the stock is owned by company insiders.

About Diamondback Energy

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.