Lord & Richards Wealth Management LLC Purchases 2,708 Shares of Diamondback Energy, Inc. $FANG

Lord & Richards Wealth Management LLC raised its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 37.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,857 shares of the oil and natural gas company’s stock after purchasing an additional 2,708 shares during the quarter. Diamondback Energy accounts for approximately 1.4% of Lord & Richards Wealth Management LLC’s holdings, making the stock its 21st biggest position. Lord & Richards Wealth Management LLC’s holdings in Diamondback Energy were worth $1,354,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. BankPlus Trust Department purchased a new position in shares of Diamondback Energy during the 1st quarter valued at about $27,000. Creekmur Asset Management LLC bought a new stake in Diamondback Energy in the 2nd quarter worth approximately $28,000. SouthState Corp increased its stake in Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock worth $31,000 after acquiring an additional 167 shares during the last quarter. Financial Gravity Asset Management Inc. bought a new stake in Diamondback Energy in the 1st quarter worth approximately $33,000. Finally, Eastern Bank increased its position in shares of Diamondback Energy by 119.8% during the 1st quarter. Eastern Bank now owns 233 shares of the oil and natural gas company’s stock valued at $37,000 after purchasing an additional 127 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Stock Performance

Shares of Diamondback Energy stock opened at $141.27 on Tuesday. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $186.07. The company has a market capitalization of $40.90 billion, a PE ratio of 10.04 and a beta of 0.99. The stock’s fifty day moving average is $142.87 and its two-hundred day moving average is $141.65. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share for the quarter, topping the consensus estimate of $2.77 by $0.31. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The business had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.48 billion. During the same period in the prior year, the business earned $3.19 EPS. The business’s revenue for the quarter was up 48.4% compared to the same quarter last year. As a group, analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Thursday, November 13th. Diamondback Energy’s dividend payout ratio is currently 28.43%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FANG shares. Scotiabank reissued an “outperform” rating on shares of Diamondback Energy in a research report on Thursday, October 9th. Weiss Ratings reissued a “hold (c-)” rating on shares of Diamondback Energy in a research report on Wednesday, October 8th. Raymond James Financial cut their target price on Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, August 20th. Melius initiated coverage on Diamondback Energy in a research report on Wednesday, August 20th. They issued a “buy” rating and a $213.00 price objective on the stock. Finally, Wall Street Zen downgraded Diamondback Energy from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $189.67.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the company’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the sale, the chairman directly 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.48% of the company’s stock.

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.