Belpointe Asset Management LLC Sells 3,426 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Belpointe Asset Management LLC reduced its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 39.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,223 shares of the oil and natural gas company's stock after selling 3,426 shares during the period. Belpointe Asset Management LLC's holdings in Diamondback Energy were worth $1,046,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Founders Capital Management increased its holdings in Diamondback Energy by 404.0% in the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company's stock valued at $25,000 after purchasing an additional 101 shares during the last quarter. First Community Trust NA purchased a new position in Diamondback Energy in the second quarter valued at $26,000. Logan Capital Management Inc. purchased a new stake in Diamondback Energy during the 4th quarter worth about $31,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of Diamondback Energy in the 1st quarter valued at about $49,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Diamondback Energy during the second quarter worth about $65,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. StockNews.com cut shares of Diamondback Energy from a "buy" rating to a "hold" rating in a research report on Saturday, July 6th. Wells Fargo & Company decreased their target price on Diamondback Energy from $231.00 to $230.00 and set an "overweight" rating for the company in a research report on Wednesday, August 14th. Piper Sandler cut their target price on shares of Diamondback Energy from $249.00 to $240.00 and set an "overweight" rating on the stock in a report on Thursday, August 15th. Susquehanna lowered their price target on Diamondback Energy from $245.00 to $237.00 and set a "positive" rating on the stock in a report on Wednesday. Finally, Mizuho upped their price objective on Diamondback Energy from $217.00 to $222.00 and gave the company a "buy" rating in a research note on Monday, May 13th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Diamondback Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $211.45.

Diamondback Energy Trading Down 2.3 %

FANG stock traded down $4.28 during mid-day trading on Friday, reaching $179.73. 1,504,787 shares of the stock traded hands, compared to its average volume of 1,528,718. The stock's fifty day moving average is $198.45 and its 200-day moving average is $195.81. The company has a market cap of $32.05 billion, a P/E ratio of 10.37, a P/E/G ratio of 1.23 and a beta of 1.90. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. Diamondback Energy, Inc. has a 52-week low of $143.08 and a 52-week high of $214.50.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The company had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the business earned $3.68 EPS. The company's revenue was up 29.4% on a year-over-year basis. As a group, sell-side analysts expect that Diamondback Energy, Inc. will post 19.08 earnings per share for the current year.

Diamondback Energy Increases Dividend

The firm also recently announced a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were given a $2.34 dividend. This represents a yield of 1.9%. This is an increase from Diamondback Energy's previous None dividend of $2.26. The ex-dividend date was Thursday, August 15th. 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.