Forte Capital LLC ADV Has $6.70 Million Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Forte Capital LLC ADV increased its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 0.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 43,198 shares of the oil and natural gas company’s stock after purchasing an additional 263 shares during the quarter. Forte Capital LLC ADV’s holdings in Diamondback Energy were worth $6,699,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC raised its stake in shares of Diamondback Energy by 1.8% in the 4th quarter. CWM LLC now owns 19,717 shares of the oil and natural gas company’s stock valued at $3,058,000 after buying an additional 354 shares in the last quarter. Raymond James Trust N.A. lifted its stake in Diamondback Energy by 145.2% during the fourth quarter. Raymond James Trust N.A. now owns 11,993 shares of the oil and natural gas company’s stock worth $1,860,000 after purchasing an additional 7,102 shares during the period. Larson Financial Group LLC boosted its holdings in Diamondback Energy by 748.0% during the fourth quarter. Larson Financial Group LLC now owns 15,221 shares of the oil and natural gas company’s stock valued at $2,361,000 after purchasing an additional 13,426 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of Diamondback Energy by 613.7% in the 4th quarter. Sequoia Financial Advisors LLC now owns 15,401 shares of the oil and natural gas company’s stock valued at $2,388,000 after purchasing an additional 13,243 shares during the period. Finally, Raymond James & Associates raised its holdings in shares of Diamondback Energy by 143.0% in the 4th quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock worth $152,177,000 after buying an additional 577,514 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. UBS Group upped their price target on Diamondback Energy from $183.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Piper Sandler lifted their price target on Diamondback Energy from $227.00 to $247.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Evercore ISI increased their price objective on shares of Diamondback Energy from $185.00 to $215.00 and gave the stock an “outperform” rating in a report on Monday, March 25th. Truist Financial boosted their target price on shares of Diamondback Energy from $248.00 to $250.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Finally, Mizuho boosted their target price on shares of Diamondback Energy from $200.00 to $217.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $204.37.

Insider Activity at Diamondback Energy

In related news, CAO Teresa L. Dick sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total transaction of $384,000.00. Following the completion of the transaction, the chief accounting officer now owns 96,523 shares in the company, valued at $18,532,416. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the completion of the transaction, the chief executive officer now owns 446,610 shares in the company, valued at $89,322,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total transaction 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 approximately $18,532,416. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,675 shares of company stock worth $11,311,096. 0.43% of the stock is currently owned by company insiders.

Diamondback Energy Trading Up 2.0 %

Shares of FANG traded up $3.87 on Friday, reaching $201.50. 1,873,837 shares of the company’s stock were exchanged, compared to its average volume of 1,530,138. The company has a current ratio of 0.92, a quick ratio of 0.74 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $35.94 billion, a P/E ratio of 11.36 and a beta of 1.91. The business has a 50 day moving average price of $195.49 and a two-hundred day moving average price of $170.81. Diamondback Energy, Inc. has a 12 month low of $123.41 and a 12 month high of $211.96.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share for the quarter, topping analysts’ consensus estimates of $4.29 by $0.21. The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.10 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. Diamondback Energy’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.10 earnings per share. Research analysts anticipate that Diamondback Energy, Inc. will post 18.91 earnings per share for the current year.

Diamondback Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Wednesday, May 15th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date is Tuesday, May 14th. Diamondback Energy’s dividend payout ratio is currently 20.29%.

Diamondback Energy Company Profile

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.