Key Points
- Diamondback Energy director Charles Alvin Meloy sold 83,334 shares on June 16 at an average price of $187.12, totaling about $15.6 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and he still owns 851,530 shares.
- The company reported solid quarterly results, posting earnings of $4.23 per share versus the $3.74 consensus estimate and revenue of $4.24 billion, which also beat expectations. Revenue rose 4.7% year over year.
- Diamondback increased its quarterly dividend to $1.10 per share from $1.05, equal to a $4.40 annualized payout and a 2.4% yield. Analyst sentiment remains mixed but positive overall, with a consensus rating of “Moderate Buy” and an average price target of $223.63.
Diamondback Energy, Inc. (NASDAQ:FANG - Get Free Report) Director Charles Alvin Meloy sold 83,334 shares of the firm's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total value of $15,593,458.08. Following the sale, the director directly owned 851,530 shares in the company, valued at $159,338,293.60. This trade represents a 8.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Charles Alvin Meloy also recently made the following trade(s):
- On Thursday, May 7th, Charles Alvin Meloy sold 7,857 shares of Diamondback Energy stock. The stock was sold at an average price of $189.20, for a total value of $1,486,544.40.
- 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.
Diamondback Energy Price Performance
Shares of NASDAQ FANG opened at $185.48 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.55 and a current ratio of 0.56. Diamondback Energy, Inc. has a fifty-two week low of $134.30 and a fifty-two week high of $214.51. The firm has a market capitalization of $52.18 billion, a PE ratio of 215.68 and a beta of 0.42. The stock's 50-day simple moving average is $195.33 and its 200-day simple moving average is $176.39.
Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, topping the consensus estimate of $3.74 by $0.49. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter last year, the company earned $4.54 EPS. The business's quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities research analysts forecast that Diamondback Energy, Inc. will post 19.92 EPS for the current fiscal year.
Diamondback Energy Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were given a dividend of $1.10 per share. This is a boost from Diamondback Energy's previous quarterly dividend of $1.05. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $4.40 annualized dividend and a dividend yield of 2.4%. Diamondback Energy's dividend payout ratio is 511.63%.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on the company. Zacks Research lowered Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 28th. Truist Financial set a $242.00 target price on Diamondback Energy in a research report on Wednesday, May 6th. Mizuho raised their price target on Diamondback Energy from $220.00 to $240.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. UBS Group raised their price target on Diamondback Energy from $240.00 to $245.00 and gave the stock a "buy" rating in a research note on Friday, April 10th. Finally, Benchmark downgraded Diamondback Energy from a "buy" rating to a "hold" rating in a research note on Thursday, March 5th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Diamondback Energy currently has an average rating of "Moderate Buy" and a consensus price target of $223.63.
Get Our Latest Stock Analysis on Diamondback Energy
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the company. Pine Valley Investments Ltd Liability Co grew its stake in Diamondback Energy by 500.9% during the 1st quarter. Pine Valley Investments Ltd Liability Co now owns 12,985 shares of the oil and natural gas company's stock worth $2,568,000 after buying an additional 10,824 shares during the last quarter. Parallel Advisors LLC grew its stake in Diamondback Energy by 10.6% during the 1st quarter. Parallel Advisors LLC now owns 15,945 shares of the oil and natural gas company's stock worth $3,154,000 after buying an additional 1,534 shares during the last quarter. Glenmede Trust Co. NA grew its stake in Diamondback Energy by 1.4% during the 1st quarter. Glenmede Trust Co. NA now owns 6,944 shares of the oil and natural gas company's stock worth $1,373,000 after buying an additional 94 shares during the last quarter. Summit Financial Wealth Advisors LLC purchased a new position in Diamondback Energy during the 1st quarter worth approximately $370,000. Finally, BankChampaign National Association purchased a new position in Diamondback Energy during the 1st quarter worth approximately $413,000. Hedge funds and other institutional investors own 90.01% of the company's stock.
About Diamondback Energy
(
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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