Impala Asset Management LLC Sells 10,000 Shares of Diamondback Energy, Inc. $FANG

Impala Asset Management LLC reduced its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 50.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 10,000 shares of the oil and natural gas company’s stock after selling 10,000 shares during the period. Diamondback Energy makes up about 0.9% of Impala Asset Management LLC’s holdings, making the stock its 18th largest holding. Impala Asset Management LLC’s holdings in Diamondback Energy were worth $1,978,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Flagship Harbor Advisors LLC purchased a new position in shares of Diamondback Energy in the fourth quarter worth $25,000. Richardson Financial Services Inc. grew its stake in Diamondback Energy by 245.1% during the fourth quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock valued at $26,000 after acquiring an additional 125 shares in the last quarter. Laurel Wealth Advisors LLC purchased a new position in Diamondback Energy during the fourth quarter valued at $26,000. Cedar Mountain Advisors LLC purchased a new position in Diamondback Energy during the first quarter valued at $26,000. Finally, JPL Wealth Management LLC bought a new stake in Diamondback Energy in the 3rd quarter valued at $26,000. Institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 500 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total transaction of $98,250.00. Following the sale, the director directly owned 13,437 shares in the company, valued at $2,640,370.50. This represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Charles Alvin Meloy sold 83,334 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $187.12, for a total value of $15,593,458.08. Following the completion of the sale, the director directly owned 851,530 shares of the company’s stock, valued at $159,338,293.60. The trade was a 8.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 113,691 shares of company stock worth $21,622,752. Insiders own 0.64% of the company’s stock.

Analysts Set New Price Targets

FANG has been the topic of several research analyst reports. Mizuho boosted their price target on shares of Diamondback Energy from $220.00 to $240.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Zacks Research lowered Diamondback Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Wells Fargo & Company set a $212.00 target price on Diamondback Energy in a report on Monday, June 22nd. Truist Financial decreased their target price on Diamondback Energy from $242.00 to $220.00 and set a “buy” rating on the stock in a research report on Thursday, July 16th. Finally, Scotiabank increased their price target on Diamondback Energy from $175.00 to $195.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 22nd. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $218.68.

Diamondback Energy Price Performance

FANG stock opened at $203.02 on Thursday. Diamondback Energy, Inc. has a 52 week low of $134.30 and a 52 week high of $214.51. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.31. The company has a fifty day simple moving average of $191.29 and a two-hundred day simple moving average of $182.04. The firm has a market capitalization of $57.11 billion, a P/E ratio of 236.07 and a beta of 0.42.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, topping analysts’ consensus estimates of $3.74 by $0.49. The firm had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The business’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm posted $4.54 EPS. Analysts anticipate that Diamondback Energy, Inc. will post 18.9 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were given a $1.10 dividend. This is an increase 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 was Thursday, May 14th. Diamondback Energy’s dividend payout ratio (DPR) is 511.63%.

About Diamondback Energy

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.