Key Points
- Insider sale: Diamondback Energy director Charles Alvin Meloy sold 7,857 shares for about $1.49 million at an average price of $189.20. The trade was made under a pre-arranged Rule 10b5-1 plan.
- Strong quarterly results: The company reported $4.23 EPS and $4.24 billion in revenue, both above analyst expectations, and revenue rose 4.7% year over year. Analysts still expect Diamondback to earn 18.88 EPS for the full fiscal year.
- Dividend and analyst outlook: Diamondback raised its quarterly dividend to $1.10 per share, or $4.40 annually, for a 2.2% yield. Wall Street remains broadly positive, with a consensus Buy rating and an average price target of $218.25.
Diamondback Energy, Inc. (NASDAQ:FANG - Get Free Report) Director Charles Alvin Meloy sold 7,857 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $189.20, for a total value of $1,486,544.40. Following the sale, the director directly owned 942,721 shares of the company's stock, valued at approximately $178,362,813.20. This represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Charles Alvin Meloy also recently made the following trade(s):
- On Monday, April 6th, Charles Alvin Meloy sold 7,857 shares of Diamondback Energy stock. The stock was sold at an average price of $193.93, for a total value of $1,523,708.01.
- On Monday, March 9th, Charles Alvin Meloy sold 7,857 shares of Diamondback Energy stock. The shares were sold at an average price of $183.27, for a total value of $1,439,952.39.
Diamondback Energy Price Performance
Diamondback Energy stock opened at $196.15 on Tuesday. Diamondback Energy, Inc. has a one year low of $132.20 and a one year high of $214.51. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.55 and a current ratio of 0.56. The business has a fifty day moving average of $189.81 and a two-hundred day moving average of $166.35. The company has a market cap of $55.18 billion, a P/E ratio of 228.08 and a beta of 0.46.
Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, beating analysts' consensus estimates of $3.74 by $0.49. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The company had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter last year, the company earned $4.54 earnings per share. Diamondback Energy's quarterly revenue was up 4.7% compared to the same quarter last year. As a group, analysts predict that Diamondback Energy, Inc. will post 18.88 earnings per share for the current fiscal year.
Diamondback Energy Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th will be issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.2%. This is an increase from Diamondback Energy's previous quarterly dividend of $1.05. The ex-dividend date of this dividend is Thursday, May 14th. Diamondback Energy's dividend payout ratio is 488.37%.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the company. Boston Partners increased its position in shares of Diamondback Energy by 2.9% in the third quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company's stock valued at $821,649,000 after buying an additional 163,548 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Diamondback Energy by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 5,621,120 shares of the oil and natural gas company's stock valued at $844,073,000 after buying an additional 14,625 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Diamondback Energy by 11.5% in the fourth quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company's stock valued at $775,607,000 after buying an additional 532,756 shares in the last quarter. Capital Research Global Investors increased its position in shares of Diamondback Energy by 14.1% in the fourth quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company's stock valued at $651,363,000 after buying an additional 534,073 shares in the last quarter. Finally, Morgan Stanley increased its position in shares of Diamondback Energy by 3.2% in the fourth quarter. Morgan Stanley now owns 3,828,941 shares of the oil and natural gas company's stock valued at $575,605,000 after buying an additional 117,798 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on the company. Roth Mkm reissued a "neutral" rating and issued a $205.00 target price on shares of Diamondback Energy in a report on Tuesday, May 5th. Zacks Research raised Diamondback Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 29th. The Goldman Sachs Group raised their target price on Diamondback Energy from $187.00 to $212.00 and gave the company a "buy" rating in a report on Wednesday, March 11th. UBS Group raised their target price on Diamondback Energy from $240.00 to $245.00 and gave the company a "buy" rating in a report on Friday, April 10th. Finally, Susquehanna raised their target price on Diamondback Energy from $231.00 to $245.00 and gave the company a "positive" rating in a report on Wednesday, May 6th. Five research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Diamondback Energy currently has a consensus rating of "Buy" and an average price target of $218.25.
Get Our Latest Stock Analysis on FANG
Diamondback Energy Company Profile
(
Get Free Report)
Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.
Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.
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