Ellis Investment Partners LLC Sells 137 Shares of Diamondback Energy, Inc. $FANG

Ellis Investment Partners LLC decreased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 1.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,757 shares of the oil and natural gas company’s stock after selling 137 shares during the quarter. Ellis Investment Partners LLC’s holdings in Diamondback Energy were worth $1,753,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of FANG. BankPlus Trust Department bought a new position in shares of Diamondback Energy during the first quarter valued at approximately $27,000. Pinnacle Bancorp Inc. grew its stake in shares of Diamondback Energy by 95.7% during the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company’s stock valued at $29,000 after buying an additional 88 shares during the last quarter. SouthState Corp grew its stake in shares of Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after buying an additional 167 shares during the last quarter. Grove Bank & Trust grew its stake in Diamondback Energy by 65.0% in the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock worth $32,000 after purchasing an additional 80 shares in the last quarter. Finally, WASHINGTON TRUST Co grew its stake in Diamondback Energy by 119.8% in the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company’s stock worth $32,000 after purchasing an additional 109 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Insider Activity at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the sale, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. This represents a 16.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.48% of the company’s stock.

Diamondback Energy Stock Down 3.0%

Diamondback Energy stock opened at $139.82 on Monday. The business has a fifty day moving average of $142.51 and a two-hundred day moving average of $140.89. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The firm has a market cap of $40.48 billion, a P/E ratio of 9.94 and a beta of 1.04. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $196.00.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The company had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.35 billion. During the same quarter in the prior year, the company earned $4.52 EPS. The firm’s quarterly revenue was up 48.1% on a year-over-year basis. On average, analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Thursday, August 14th. Diamondback Energy’s dividend payout ratio is currently 28.43%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Royal Bank Of Canada reissued an “outperform” rating and issued a $173.00 price objective on shares of Diamondback Energy in a research note on Friday. Weiss Ratings reissued a “hold (c-)” rating on shares of Diamondback Energy in a research note on Wednesday, October 8th. William Blair assumed coverage on Diamondback Energy in a research note on Monday, August 25th. They issued an “outperform” rating on the stock. Susquehanna dropped their price objective on Diamondback Energy from $192.00 to $188.00 and set a “positive” rating on the stock in a research note on Wednesday, July 23rd. Finally, Piper Sandler dropped their price objective on Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating on the stock in a research note on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Diamondback Energy has a consensus rating of “Buy” and an average target price of $192.32.

Diamondback Energy 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.