Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Reduces Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA reduced its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 10.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 5,275 shares of the oil and natural gas company’s stock after selling 626 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Diamondback Energy were worth $811,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of FANG. Raymond James Trust N.A. lifted its position in Diamondback Energy by 145.2% during the fourth quarter. Raymond James Trust N.A. now owns 11,993 shares of the oil and natural gas company’s stock valued at $1,860,000 after purchasing an additional 7,102 shares in the last quarter. Larson Financial Group LLC lifted its position in Diamondback Energy by 748.0% during the fourth quarter. Larson Financial Group LLC now owns 15,221 shares of the oil and natural gas company’s stock valued at $2,361,000 after purchasing an additional 13,426 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in Diamondback Energy by 613.7% during the fourth quarter. Sequoia Financial Advisors LLC now owns 15,401 shares of the oil and natural gas company’s stock valued at $2,388,000 after purchasing an additional 13,243 shares in the last quarter. Raymond James & Associates lifted its position in Diamondback Energy by 143.0% during the fourth quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock valued at $152,177,000 after purchasing an additional 577,514 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of Diamondback Energy by 2.6% in the third quarter. Morgan Stanley now owns 3,494,159 shares of the oil and natural gas company’s stock valued at $541,175,000 after acquiring an additional 89,663 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Trading Up 0.8 %

NASDAQ FANG traded up $1.54 during trading hours on Tuesday, hitting $204.12. 450,667 shares of the company were exchanged, compared to its average volume of 1,738,894. The stock has a 50-day moving average price of $190.63 and a 200 day moving average price of $168.24. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 0.38. Diamondback Energy, Inc. has a 52 week low of $123.41 and a 52 week high of $211.96. The stock has a market cap of $36.40 billion, a PE ratio of 11.75 and a beta of 1.93.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.61 by $0.13. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. The business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the previous year, the business earned $5.29 earnings per share. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. Analysts forecast that Diamondback Energy, Inc. will post 18.53 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Tuesday, March 5th were given a dividend of $3.08 per share. This represents a $12.32 annualized dividend and a dividend yield of 6.04%. The ex-dividend date of this dividend was Monday, March 4th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.84. Diamondback Energy’s payout ratio is 20.76%.

Analysts Set New Price Targets

FANG has been the topic of several research analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $195.00 price objective on shares of Diamondback Energy in a research report on Monday, March 4th. Mizuho boosted their price objective on Diamondback Energy from $200.00 to $217.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Scotiabank boosted their price objective on Diamondback Energy from $210.00 to $255.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Piper Sandler boosted their price objective on Diamondback Energy from $227.00 to $247.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Raymond James reduced their target price on Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $202.53.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, CFO Hof Matthew Kaes Van’t sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $190.82, for a total transaction of $2,289,840.00. Following the completion of the transaction, the chief financial officer now owns 185,882 shares in the company, valued at $35,470,003.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Hof Matthew Kaes Van’t sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $190.82, for a total value of $2,289,840.00. Following the completion of the sale, the chief financial officer now owns 185,882 shares in the company, valued at $35,470,003.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total value of $1,153,020.00. Following the completion of the sale, the chief operating officer now owns 78,218 shares of the company’s stock, valued at approximately $15,031,153.06. The disclosure for this sale can be found here. Insiders sold 57,675 shares of company stock worth $11,311,096 over the last 90 days. Company insiders own 0.43% 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.