Ninepoint Partners LP Sells 55,000 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Ninepoint Partners LP lessened its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 39.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 85,000 shares of the oil and natural gas company’s stock after selling 55,000 shares during the quarter. Diamondback Energy makes up about 1.4% of Ninepoint Partners LP’s investment portfolio, making the stock its 10th largest position. Ninepoint Partners LP’s holdings in Diamondback Energy were worth $13,182,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. BKM Wealth Management LLC bought a new stake in shares of Diamondback Energy during the fourth quarter worth $27,000. BluePath Capital Management LLC bought a new stake in Diamondback Energy in the third quarter valued at approximately $28,000. FinTrust Capital Advisors LLC grew its position in shares of Diamondback Energy by 232.8% in the fourth quarter. FinTrust Capital Advisors LLC now owns 213 shares of the oil and natural gas company’s stock valued at $29,000 after purchasing an additional 149 shares during the last quarter. Carolinas Wealth Consulting LLC grew its position in shares of Diamondback Energy by 366.7% in the first quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company’s stock valued at $31,000 after purchasing an additional 176 shares during the last quarter. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new stake in Diamondback Energy during the third quarter worth approximately $32,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Activity

In related news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the completion of the sale, the chief executive officer now owns 446,610 shares in the company, valued at $89,322,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the transaction, the chief executive officer now owns 446,610 shares of the company’s stock, valued at $89,322,000. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Teresa L. Dick sold 2,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total transaction of $384,000.00. Following the completion of the sale, the chief accounting officer now owns 96,523 shares in the company, valued at $18,532,416. The disclosure for this sale can be found here. Insiders have sold 57,675 shares of company stock worth $11,311,096 over the last 90 days. Company insiders own 0.43% of the company’s stock.

Wall Street Analysts Forecast Growth

FANG has been the topic of several recent analyst reports. Scotiabank lifted their price target on Diamondback Energy from $210.00 to $255.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Raymond James dropped their price objective on Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th. Stifel Nicolaus boosted their target price on Diamondback Energy from $192.00 to $224.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Truist Financial decreased their price objective on Diamondback Energy from $250.00 to $248.00 and set a “buy” rating for the company in a report on Friday, April 5th. Finally, KeyCorp upped their target price on Diamondback Energy from $186.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and a consensus target price of $195.95.

Diamondback Energy Stock Performance

Diamondback Energy stock traded up $2.14 during trading hours on Friday, reaching $201.74. 704,063 shares of the stock were exchanged, compared to its average volume of 1,745,648. The firm’s 50 day moving average is $188.92 and its 200 day moving average is $167.21. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.74 and a current ratio of 0.77. The stock has a market cap of $35.98 billion, a P/E ratio of 11.51 and a beta of 1.93. Diamondback Energy, Inc. has a 52-week low of $123.41 and a 52-week high of $211.96.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.61 by $0.13. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period last year, the company earned $5.29 EPS. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. Analysts predict that Diamondback Energy, Inc. will post 18.53 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Tuesday, March 5th were given a dividend of $3.08 per share. This represents a $12.32 dividend on an annualized basis and a yield of 6.11%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend was Monday, March 4th. Diamondback Energy’s payout ratio is 20.76%.

Diamondback Energy Company 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.