Freedom Investment Management Inc. Purchases 167 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Freedom Investment Management Inc. grew its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 3.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,352 shares of the oil and natural gas company’s stock after purchasing an additional 167 shares during the period. Freedom Investment Management Inc.’s holdings in Diamondback Energy were worth $923,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of FANG. Wealth Enhancement Advisory Services LLC lifted its position in Diamondback Energy by 178.1% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock worth $6,112,000 after buying an additional 19,552 shares in the last quarter. Atria Investments Inc boosted its position in Diamondback Energy by 18.5% during the third quarter. Atria Investments Inc now owns 42,678 shares of the oil and natural gas company’s stock valued at $7,358,000 after purchasing an additional 6,672 shares during the last quarter. Cullen Investment Group LTD. grew its stake in Diamondback Energy by 33.5% in the third quarter. Cullen Investment Group LTD. now owns 11,978 shares of the oil and natural gas company’s stock valued at $2,065,000 after purchasing an additional 3,008 shares in the last quarter. ORG Partners LLC increased its position in shares of Diamondback Energy by 2,768.9% during the 2nd quarter. ORG Partners LLC now owns 4,332 shares of the oil and natural gas company’s stock worth $883,000 after purchasing an additional 4,181 shares during the last quarter. Finally, Integrated Investment Consultants LLC bought a new stake in shares of Diamondback Energy during the 3rd quarter worth approximately $4,464,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FANG has been the subject of several analyst reports. Morgan Stanley raised their target price on shares of Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. UBS Group lowered their price objective on shares of Diamondback Energy from $247.00 to $223.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. StockNews.com upgraded shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, November 13th. Truist Financial boosted their price target on Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, KeyCorp cut their price objective on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $212.00.

Insiders Place Their Bets

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 1,150 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the transaction, the director now owns 4,712 shares of the company’s stock, valued at approximately $852,872. The trade was a 19.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the transaction, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This trade represents a 92.72 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $176.19 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy, Inc. has a fifty-two week low of $145.70 and a fifty-two week high of $214.50. The company has a market cap of $51.45 billion, a price-to-earnings ratio of 10.09, a PEG ratio of 1.32 and a beta of 1.89. The stock has a fifty day moving average price of $182.02 and a 200-day moving average price of $190.08.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data 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 firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company’s quarterly revenue was up 13.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $5.49 earnings per share. As a group, equities analysts anticipate that Diamondback Energy, Inc. will post 16.26 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were given a dividend of $0.90 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $3.60 annualized dividend and a yield of 2.04%. Diamondback Energy’s dividend payout ratio is currently 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.