Newbridge Financial Services Group Inc. Reduces Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Newbridge Financial Services Group Inc. cut its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 28.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 361 shares of the oil and natural gas company’s stock after selling 142 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Diamondback Energy were worth $59,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. R Squared Ltd purchased a new stake in shares of Diamondback Energy in the 4th quarter valued at about $29,000. UMB Bank n.a. lifted its stake in Diamondback Energy by 247.3% in the fourth quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company’s stock valued at $31,000 after buying an additional 136 shares during the last quarter. Values First Advisors Inc. acquired a new stake in shares of Diamondback Energy in the third quarter valued at approximately $42,000. CVA Family Office LLC grew its position in shares of Diamondback Energy by 28.1% during the third quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock worth $51,000 after acquiring an additional 65 shares during the last quarter. Finally, Ashton Thomas Securities LLC acquired a new position in shares of Diamondback Energy in the 3rd quarter valued at $52,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Piper Sandler decreased their price target on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. JPMorgan Chase & Co. increased their target price on shares of Diamondback Energy from $191.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. KeyCorp dropped their price target on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Wolfe Research raised Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price objective for the company in a research report on Friday, January 3rd. Finally, Raymond James lifted their target price on Diamondback Energy from $237.00 to $256.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 23rd. Four research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $215.00.

Diamondback Energy Stock Performance

FANG opened at $161.66 on Tuesday. Diamondback Energy, Inc. has a 1-year low of $152.00 and a 1-year high of $214.50. The stock has a market cap of $47.20 billion, a P/E ratio of 9.25, a P/E/G ratio of 1.24 and a beta of 1.86. The stock’s 50 day simple moving average is $167.54 and its 200 day simple moving average is $179.16. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42.

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 2.23%. The ex-dividend date was Thursday, November 14th. Diamondback Energy’s dividend payout ratio (DPR) is 20.61%.

Insider Activity

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value of $208,150.00. Following the sale, the director now directly owns 4,712 shares in the company, valued at $852,872. This represents a 19.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.48% 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.