Laffer Tengler Investments Inc. Lowers Stock Position in Diamondback Energy, Inc. $FANG

Laffer Tengler Investments Inc. decreased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 33.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,871 shares of the oil and natural gas company’s stock after selling 4,922 shares during the period. Laffer Tengler Investments Inc.’s holdings in Diamondback Energy were worth $1,413,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FANG. Commerzbank Aktiengesellschaft FI boosted its position in Diamondback Energy by 233.9% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 12,673 shares of the oil and natural gas company’s stock worth $1,814,000 after acquiring an additional 8,877 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Diamondback Energy by 9.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 117,733 shares of the oil and natural gas company’s stock worth $16,848,000 after purchasing an additional 10,289 shares during the period. Moloney Securities Asset Management LLC purchased a new position in shares of Diamondback Energy during the 3rd quarter worth $472,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of Diamondback Energy by 9.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,385,428 shares of the oil and natural gas company’s stock worth $198,255,000 after purchasing an additional 122,921 shares during the last quarter. Finally, WoodTrust Financial Corp purchased a new stake in shares of Diamondback Energy in the third quarter valued at $1,624,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FANG. Weiss Ratings reiterated a “hold (c)” rating on shares of Diamondback Energy in a research note on Monday, December 29th. Wells Fargo & Company upped their price objective on shares of Diamondback Energy from $169.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, January 27th. Benchmark reiterated a “buy” rating on shares of Diamondback Energy in a report on Tuesday, February 24th. Mizuho raised their target price on shares of Diamondback Energy from $194.00 to $205.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 24th. Finally, Piper Sandler upped their price target on shares of Diamondback Energy from $215.00 to $218.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 28th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Diamondback Energy currently has an average rating of “Buy” and a consensus target price of $187.86.

Insiders Place Their Bets

In related news, Director Charles Alvin Meloy sold 60,605 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $161.12, for a total value of $9,764,677.60. Following the completion of the sale, the director directly owned 982,006 shares in the company, valued at approximately $158,220,806.72. This represents a 5.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $162.88, for a total value of $162,880,000.00. Following the transaction, the insider owned 98,686,727 shares in the company, valued at approximately $16,074,094,093.76. This represents a 1.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 1,438,516 shares of company stock valued at $225,026,921. 0.48% of the stock is owned by corporate insiders.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $177.53 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.42 and a quick ratio of 0.40. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $183.36. The firm has a market capitalization of $50.08 billion, a P/E ratio of 31.65 and a beta of 0.59. The business’s 50-day simple moving average is $159.34 and its 200-day simple moving average is $150.41.

Diamondback Energy (NASDAQ:FANG) last posted 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 analyst estimates of $3.41 billion. Diamondback Energy had a return on equity of 8.08% and a net margin of 11.07%.The firm’s revenue for the quarter was down 9.0% compared to the same quarter last year. During the same period last year, the company posted $3.67 EPS. Equities analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Thursday, March 5th will be issued a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Thursday, March 5th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $1.00. Diamondback Energy’s dividend payout ratio (DPR) is presently 71.30%.

Diamondback Energy 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.