Gilliland Jeter Wealth Management LLC Acquires New Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Gilliland Jeter Wealth Management LLC acquired a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,237 shares of the oil and natural gas company’s stock, valued at approximately $347,000.

Other hedge funds have also recently added to or reduced their stakes in the company. BKM Wealth Management LLC acquired a new position in Diamondback Energy in the 4th quarter valued at $27,000. BluePath Capital Management LLC acquired a new stake in shares of Diamondback Energy in the 3rd quarter worth $28,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy in the 4th quarter worth $34,000. CVA Family Office LLC acquired a new stake in shares of Diamondback Energy in the 4th quarter worth $35,000. Finally, Cary Street Partners Investment Advisory LLC increased its stake in shares of Diamondback Energy by 559.0% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 257 shares of the oil and natural gas company’s stock worth $40,000 after acquiring an additional 218 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FANG has been the subject of a number of research analyst reports. Raymond James lowered their target price on Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Stifel Nicolaus raised their target price on Diamondback Energy from $224.00 to $229.00 and gave the company a “buy” rating in a report on Tuesday. Morgan Stanley decreased their price objective on Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday, April 15th. Truist Financial lifted their price objective on Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Finally, Barclays started coverage on Diamondback Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $214.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and an average price target of $202.53.

Diamondback Energy Price Performance

FANG traded up $0.66 during trading on Friday, reaching $207.76. 1,184,009 shares of the stock were exchanged, compared to its average volume of 1,327,313. The business’s 50 day moving average price is $193.25 and its two-hundred day moving average price is $169.49. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.77 and a quick ratio of 0.74. The company has a market capitalization of $37.05 billion, a price-to-earnings ratio of 11.98 and a beta of 1.93. Diamondback Energy, Inc. has a 1 year low of $123.41 and a 1 year high of $211.96.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 EPS for the quarter, topping analysts’ consensus estimates of $4.61 by $0.13. The company had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.16 billion. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. Diamondback Energy’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business earned $5.29 earnings per share. As a group, equities research analysts anticipate that Diamondback Energy, Inc. will post 18.83 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Tuesday, March 5th were given a $3.08 dividend. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.84. This represents a $12.32 annualized dividend and a dividend yield of 5.93%. The ex-dividend date was Monday, March 4th. Diamondback Energy’s dividend payout ratio is currently 20.76%.

Insider Activity

In other news, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total value of $384,000.00. Following the sale, the chief accounting officer now directly owns 96,523 shares in the company, valued at $18,532,416. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total value of $1,153,020.00. Following the completion of the transaction, the chief operating officer now directly owns 78,218 shares in the company, valued at $15,031,153.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total value of $384,000.00. Following the completion of the transaction, the chief accounting officer now owns 96,523 shares of the company’s stock, valued at $18,532,416. The disclosure for this sale can be found here. Insiders have sold 57,675 shares of company stock worth $11,311,096 over the last three months. 0.43% of the stock is currently owned by corporate insiders.

About Diamondback Energy

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.