Ground Swell Capital LLC Invests $342,000 in Diamondback Energy, Inc. (NASDAQ:FANG)

Ground Swell Capital LLC purchased a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,708 shares of the oil and natural gas company’s stock, valued at approximately $342,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. LPL Financial LLC raised its holdings in shares of Diamondback Energy by 12.6% in the second quarter. LPL Financial LLC now owns 198,965 shares of the oil and natural gas company’s stock worth $39,831,000 after buying an additional 22,194 shares during the period. HHM Wealth Advisors LLC bought a new position in Diamondback Energy during the 2nd quarter worth about $40,000. Headlands Technologies LLC bought a new stake in shares of Diamondback Energy in the 2nd quarter valued at about $395,000. Royal London Asset Management Ltd. lifted its position in shares of Diamondback Energy by 30.3% in the 2nd quarter. Royal London Asset Management Ltd. now owns 106,951 shares of the oil and natural gas company’s stock worth $21,411,000 after purchasing an additional 24,855 shares during the period. Finally, Dorsey & Whitney Trust CO LLC bought a new position in shares of Diamondback Energy during the second quarter valued at approximately $236,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analyst Ratings Changes

FANG has been the subject of a number of analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $220.00 target price on shares of Diamondback Energy in a report on Tuesday, August 13th. Piper Sandler dropped their price objective on Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. KeyCorp began coverage on Diamondback Energy in a research note on Thursday, June 27th. They issued an “overweight” rating and a $225.00 target price on the stock. Bank of America increased their price target 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. Finally, Susquehanna cut their price objective on shares of Diamondback Energy from $245.00 to $237.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $211.45.

Diamondback Energy Stock Down 4.3 %

FANG stock opened at $171.49 on Wednesday. The company has a market capitalization of $30.59 billion, a P/E ratio of 9.67, a price-to-earnings-growth ratio of 1.13 and a beta of 1.89. Diamondback Energy, Inc. has a 12 month low of $143.08 and a 12 month high of $214.50. The firm’s fifty day simple moving average is $196.88 and its 200-day simple moving average is $196.03. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64.

Diamondback Energy (NASDAQ:FANG) last posted 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 company had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The firm’s revenue was up 29.4% on a year-over-year basis. During the same period in the prior year, the company earned $3.68 earnings per share. As a group, equities research analysts forecast that Diamondback Energy, Inc. will post 19.08 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were given a dividend of $2.34 per share. This is a boost from Diamondback Energy’s previous None dividend of $2.26. This represents a yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 15th. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.29%.

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.