Gilliland Jeter Wealth Management LLC Makes New $347,000 Investment in Diamondback Energy, Inc. (NASDAQ:FANG)

Gilliland Jeter Wealth Management LLC acquired a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,237 shares of the oil and natural gas company’s stock, valued at approximately $347,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its holdings in shares of Diamondback Energy by 39.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,007,599 shares of the oil and natural gas company’s stock worth $465,817,000 after purchasing an additional 858,446 shares during the period. Diamond Hill Capital Management Inc. acquired a new position in shares of Diamondback Energy during the third quarter valued at about $128,720,000. Wellington Management Group LLP raised its holdings in shares of Diamondback Energy by 4.8% during the third quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock valued at $2,209,617,000 after purchasing an additional 648,317 shares during the period. Raymond James & Associates raised its holdings in shares of 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 during the period. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in shares of Diamondback Energy by 286.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 595,694 shares of the oil and natural gas company’s stock valued at $92,380,000 after purchasing an additional 441,411 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Stock Performance

Shares of Diamondback Energy stock traded up $0.66 on Friday, reaching $207.76. 1,184,009 shares of the company traded hands, compared to its average volume of 1,327,313. Diamondback Energy, Inc. has a 52 week low of $123.41 and a 52 week high of $211.96. The company has a 50 day moving average of $193.25 and a 200 day moving average of $169.49. The firm has a market capitalization of $37.05 billion, a PE ratio of 11.98 and a beta of 1.93. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.77 and a quick ratio of 0.74.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 EPS for the quarter, beating analysts’ consensus estimates of $4.61 by $0.13. The company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. Diamondback Energy’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company posted $5.29 EPS. Equities analysts forecast that Diamondback Energy, Inc. will post 18.83 earnings per share for the current year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Tuesday, March 5th were paid a $3.08 dividend. The ex-dividend date of this dividend was Monday, March 4th. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.84. This represents a $12.32 annualized dividend and a yield of 5.93%. Diamondback Energy’s dividend payout ratio is currently 20.76%.

Insiders Place Their Bets

In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the sale, the chief executive officer now directly owns 446,610 shares in the company, valued at approximately $89,322,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the transaction, the chief operating officer now owns 78,218 shares of the company’s stock, valued at approximately $15,031,153.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Travis D. Stice sold 30,000 shares of the stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the transaction, the chief executive officer now directly owns 446,610 shares in the company, valued at approximately $89,322,000. The disclosure for this sale can be found here. Insiders have sold 57,675 shares of company stock worth $11,311,096 in the last three months. 0.43% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FANG. Truist Financial upped their price objective on shares of Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a report on Monday, April 22nd. UBS Group boosted their target price on shares of Diamondback Energy from $183.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. BMO Capital Markets boosted their target price on shares of Diamondback Energy from $167.00 to $175.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 13th. Bank Of America (Bofa) decreased their target price on shares of Diamondback Energy from $147.00 to $129.00 and set an “underperform” rating for the company in a research report on Thursday, January 18th. Finally, Susquehanna boosted their target price on shares of Diamondback Energy from $212.00 to $245.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $202.53.

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.