Ashton Thomas Private Wealth LLC Has $2.32 Million Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Ashton Thomas Private Wealth LLC grew its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 89.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,586 shares of the oil and natural gas company’s stock after purchasing an additional 5,486 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Diamondback Energy were worth $2,319,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Invera Wealth Advisors LLC raised its holdings in shares of Diamondback Energy by 8.0% during the second quarter. Invera Wealth Advisors LLC now owns 8,790 shares of the oil and natural gas company’s stock valued at $1,817,000 after purchasing an additional 649 shares during the period. Quest Partners LLC raised its holdings in shares of Diamondback Energy by 252,400.0% during the second quarter. Quest Partners LLC now owns 5,050 shares of the oil and natural gas company’s stock valued at $1,011,000 after purchasing an additional 5,048 shares during the period. Mount Lucas Management LP acquired a new position in shares of Diamondback Energy during the second quarter valued at about $2,320,000. Ballentine Partners LLC raised its holdings in shares of Diamondback Energy by 5.6% during the second quarter. Ballentine Partners LLC now owns 1,557 shares of the oil and natural gas company’s stock valued at $312,000 after purchasing an additional 83 shares during the period. Finally, Caprock Group LLC raised its holdings in shares of Diamondback Energy by 9.2% during the second quarter. Caprock Group LLC now owns 7,837 shares of the oil and natural gas company’s stock valued at $1,569,000 after purchasing an additional 662 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

FANG has been the topic of several research reports. Sanford C. Bernstein dropped their price objective on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a report on Wednesday, July 17th. StockNews.com lowered shares of Diamondback Energy from a “buy” rating to a “hold” rating in a report on Saturday, July 6th. Truist Financial raised their price target on shares of Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Wolfe Research began coverage on shares of Diamondback Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, UBS Group lifted their price target on shares of Diamondback Energy from $245.00 to $247.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $211.45.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $179.21 on Tuesday. The company has a 50 day moving average price of $197.55 and a 200-day moving average price of $196.06. Diamondback Energy, Inc. has a 52 week low of $143.08 and a 52 week high of $214.50. The firm has a market capitalization of $31.97 billion, a PE ratio of 10.10, a P/E/G ratio of 1.13 and a beta of 1.89. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same period in the previous year, the business posted $3.68 earnings per share. The business’s revenue for the quarter was up 29.4% on a year-over-year basis. As a group, equities research analysts expect 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. Stockholders of record on Thursday, August 15th were paid a $2.34 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. Diamondback Energy’s payout ratio 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.