Ellis Investment Partners LLC Sells 7,929 Shares of Diamondback Energy, Inc. $FANG

Ellis Investment Partners LLC lessened its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 71.1% in the third quarter, HoldingsChannel reports. The firm owned 3,220 shares of the oil and natural gas company’s stock after selling 7,929 shares during the period. Ellis Investment Partners LLC’s holdings in Diamondback Energy were worth $592,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of FANG. Cedar Mountain Advisors LLC bought a new position in shares of Diamondback Energy in the 1st quarter worth approximately $26,000. Meeder Asset Management Inc. bought a new stake in Diamondback Energy during the second quarter valued at about $28,000. Burkett Financial Services LLC purchased a new position in shares of Diamondback Energy during the 3rd quarter valued at about $32,000. Global Assets Advisory LLC purchased a new stake in Diamondback Energy in the 1st quarter worth approximately $40,000. Finally, Ascentis Independent Advisors purchased a new position in Diamondback Energy during the first quarter valued at approximately $44,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Activity at Diamondback Energy

In related news, Director Travis D. Stice sold 75,000 shares of the stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $204.31, for a total transaction of $15,323,250.00. Following the completion of the sale, the director owned 49,727 shares of the company’s stock, valued at $10,159,723.37. This represents a 60.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles Meloy sold 33,333 shares of Diamondback Energy stock in a transaction on Monday, October 5th. The stock was sold at an average price of $183.74, for a total transaction of $6,124,605.42. Following the completion of the transaction, the director directly owned 759,864 shares in the company, valued at $139,617,411.36. This represents a 4.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 141,666 shares of company stock worth $28,061,456. 0.64% of the stock is currently owned by corporate insiders.

Diamondback Energy Trading Down 1.1%

FANG traded down $2.24 during trading hours on Wednesday, reaching $200.18. 593,173 shares of the company’s stock traded hands, compared to its average volume of 2,616,656. Diamondback Energy, Inc. has a 52-week low of $137.03 and a 52-week high of $216.90. The firm has a market capitalization of $56.05 billion, a PE ratio of 39.01 and a beta of 0.55. The firm has a 50-day moving average price of $197.33 and a 200 day moving average price of $194.31. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, topping the consensus estimate of $6.08 by $0.40. The company had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The firm’s revenue was up 51.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.38 EPS. As a group, sell-side analysts predict that Diamondback Energy, Inc. will post 21.07 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were issued a $1.10 dividend. The ex-dividend date was Thursday, August 13th. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. Diamondback Energy’s payout ratio is currently 85.77%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FANG. Stephens reaffirmed an “outperform” rating on shares of Diamondback Energy in a research note on Tuesday, October 13th. Raymond James Financial reissued a “strong-buy” rating on shares of Diamondback Energy in a report on Thursday, September 17th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $240.00 price objective (up from $221.00) on shares of Diamondback Energy in a research note on Wednesday, September 2nd. Wolfe Research reiterated an “outperform” rating and set a $206.00 target price on shares of Diamondback Energy in a research report on Tuesday, August 4th. Finally, Weiss Ratings raised shares of Diamondback Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $226.71.

About Diamondback Energy

Diamondback Energy, Inc is an independent oil and natural gas company engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. The company’s operations are concentrated in the Permian Basin of West Texas and southeastern New Mexico, particularly the Midland and Delaware Basins.

Diamondback produces crude oil, natural gas and natural gas liquids from horizontal wells and related infrastructure. Its activities include drilling and completing wells, operating gathering and processing assets, and managing midstream services that support production.