NBC Securities Inc. Boosts Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

NBC Securities Inc. lifted its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 7.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,731 shares of the oil and natural gas company’s stock after purchasing an additional 385 shares during the period. NBC Securities Inc.’s holdings in Diamondback Energy were worth $1,147,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of FANG. CWM LLC increased 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 worth $3,058,000 after acquiring an additional 354 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Diamondback Energy by 14.1% in the 4th quarter. Franklin Resources Inc. now owns 50,633 shares of the oil and natural gas company’s stock worth $7,852,000 after acquiring an additional 6,240 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of Diamondback Energy by 748.0% in the 4th quarter. Larson Financial Group LLC now owns 15,221 shares of the oil and natural gas company’s stock worth $2,361,000 after acquiring an additional 13,426 shares in the last quarter. Sequoia Financial Advisors LLC increased 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 worth $2,388,000 after acquiring an additional 13,243 shares in the last quarter. Finally, abrdn plc increased its stake in Diamondback Energy by 70.9% during the 4th quarter. abrdn plc now owns 75,333 shares of the oil and natural gas company’s stock valued at $11,683,000 after purchasing an additional 31,241 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Stock Up 3.7 %

NASDAQ:FANG traded up $7.14 during mid-day trading on Thursday, reaching $198.52. The company’s stock had a trading volume of 531,296 shares, compared to its average volume of 1,569,451. Diamondback Energy, Inc. has a 1 year low of $143.08 and a 1 year high of $214.50. The stock has a fifty day moving average of $197.85 and a 200-day moving average of $190.74. The firm has a market capitalization of $35.40 billion, a PE ratio of 11.07, a price-to-earnings-growth ratio of 1.06 and a beta of 1.90. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, beating the consensus estimate of $4.51 by $0.01. The business had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The company’s quarterly revenue was up 29.4% on a year-over-year basis. During the same period in the prior year, the firm posted $3.68 earnings per share. Equities research analysts forecast that Diamondback Energy, Inc. will post 18.63 earnings per share for the current year.

Diamondback Energy Increases Dividend

The company also recently declared a None dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 15th will be issued a dividend of $2.34 per share. The ex-dividend date of this dividend is Thursday, August 15th. This is an increase from Diamondback Energy’s previous None dividend of $2.26. This represents a yield of 1.9%. Diamondback Energy’s dividend payout ratio is 20.29%.

Insider Activity

In related news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the completion of the sale, the chief operating officer now directly owns 69,677 shares in the company, valued at $13,736,123.78. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.48% of the company’s stock.

Analysts Set New Price Targets

FANG has been the subject of a number of analyst reports. Susquehanna raised their price objective on shares of Diamondback Energy from $212.00 to $245.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Benchmark reiterated a “buy” rating and issued a $154.00 price target on shares of Diamondback Energy in a research note on Tuesday. KeyCorp started coverage on shares of Diamondback Energy in a report on Thursday, June 27th. They issued an “overweight” rating and a $225.00 price objective on the stock. Royal Bank of Canada lifted their price objective on shares of Diamondback Energy from $195.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, May 6th. Finally, Bank of America lifted their price objective on shares of Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Diamondback Energy presently has an average rating of “Moderate Buy” and an average price target of $210.00.

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.