Impala Asset Management LLC Cuts Stake in Diamondback Energy, Inc. $FANG

Impala Asset Management LLC reduced its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 50.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,000 shares of the oil and natural gas company’s stock after selling 10,000 shares during the quarter. Diamondback Energy accounts for about 0.9% of Impala Asset Management LLC’s investment portfolio, making the stock its 18th biggest holding. Impala Asset Management LLC’s holdings in Diamondback Energy were worth $1,978,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of FANG. Cedar Mountain Advisors LLC bought a new position in shares of Diamondback Energy in the first quarter worth approximately $26,000. Flagship Harbor Advisors LLC bought a new stake in shares of Diamondback Energy during the fourth quarter valued at approximately $25,000. Laurel Wealth Advisors LLC bought a new stake in shares of Diamondback Energy during the fourth quarter valued at approximately $26,000. Richardson Financial Services Inc. raised its holdings in Diamondback Energy by 245.1% in the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock worth $26,000 after acquiring an additional 125 shares during the last quarter. Finally, JPL Wealth Management LLC purchased a new position in Diamondback Energy in the 3rd quarter worth approximately $26,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FANG has been the subject of several recent analyst reports. Wells Fargo & Company set a $212.00 price target on Diamondback Energy in a research note on Monday, June 22nd. Susquehanna upped their price target on Diamondback Energy from $245.00 to $255.00 and gave the company a “positive” rating in a report on Tuesday. Citigroup dropped their price objective on Diamondback Energy from $245.00 to $221.00 and set a “buy” rating on the stock in a research report on Monday. Truist Financial reduced their price objective on Diamondback Energy from $242.00 to $220.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $249.00 target price on shares of Diamondback Energy in a research report on Wednesday, June 10th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $218.68.

Diamondback Energy Stock Performance

FANG stock opened at $203.02 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $214.51. The company has a market cap of $57.11 billion, a P/E ratio of 236.07 and a beta of 0.42. The stock’s fifty day moving average price is $191.29 and its 200-day moving average price is $182.04.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data 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 analysts’ expectations of $3.83 billion. During the same quarter in the prior year, the business earned $4.54 earnings per share. Diamondback Energy’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, equities analysts forecast that Diamondback Energy, Inc. will post 18.9 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were issued a dividend of $1.10 per share. This is a boost from Diamondback Energy’s previous quarterly dividend of $1.05. This represents a $4.40 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Thursday, May 14th. Diamondback Energy’s dividend payout ratio is presently 511.63%.

Insider Buying and Selling

In related news, Director Mark Lawrence Plaumann sold 500 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $196.50, for a total value of $98,250.00. Following the completion of the sale, the director directly owned 13,437 shares of the company’s stock, valued at approximately $2,640,370.50. This represents a 3.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Teresa L. Dick sold 7,000 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the sale, the chief accounting officer directly owned 85,755 shares of the company’s stock, valued at approximately $17,228,179.50. This trade represents a 7.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 113,691 shares of company stock worth $21,622,752. Corporate insiders own 0.64% of the company’s stock.

Diamondback Energy Company Profile

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.