Kovack Advisors Inc. Reduces Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Kovack Advisors Inc. reduced its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 8.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,457 shares of the oil and natural gas company’s stock after selling 1,053 shares during the quarter. Kovack Advisors Inc.’s holdings in Diamondback Energy were worth $1,975,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. First Community Trust NA purchased a new stake in shares of Diamondback Energy in the second quarter valued at approximately $26,000. Carolinas Wealth Consulting LLC raised its holdings in shares of Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after acquiring an additional 55 shares in the last quarter. HHM Wealth Advisors LLC purchased a new stake in Diamondback Energy in the second quarter worth about $40,000. Values First Advisors Inc. bought a new position in Diamondback Energy during the 3rd quarter worth about $42,000. Finally, Founders Capital Management raised its holdings in shares of Diamondback Energy by 99.2% in the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after purchasing an additional 125 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analyst Ratings Changes

FANG has been the topic of a number of analyst reports. Benchmark reaffirmed a “buy” rating and issued a $195.00 price objective on shares of Diamondback Energy in a research report on Tuesday, October 29th. BMO Capital Markets upgraded Diamondback Energy from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $205.00 to $215.00 in a research note on Friday, October 4th. KeyCorp decreased their price target on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Piper Sandler upped their price objective on shares of Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Finally, Citigroup initiated coverage on shares of Diamondback Energy in a research note on Monday, October 14th. They issued a “neutral” rating and a $195.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.64.

Insider Transactions at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the sale, the insider now owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.48% of the company’s stock.

Diamondback Energy Stock Performance

NASDAQ:FANG traded down $0.93 during mid-day trading on Wednesday, reaching $178.98. 266,310 shares of the stock were exchanged, compared to its average volume of 1,747,479. The stock has a market capitalization of $52.26 billion, a P/E ratio of 10.30, a P/E/G ratio of 1.26 and a beta of 1.89. Diamondback Energy, Inc. has a 1 year low of $145.70 and a 1 year high of $214.50. The company has a 50 day simple moving average of $181.30 and a 200-day simple moving average of $191.76. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The business had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business’s revenue was up 13.0% on a year-over-year basis. During the same quarter last year, the business posted $5.49 earnings per share. Analysts anticipate that Diamondback Energy, Inc. will post 17 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend is Thursday, November 14th. Diamondback Energy’s dividend payout ratio is presently 20.61%.

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.