12th Street Asset Management Company LLC Sells 53,755 Shares of Diamondback Energy, Inc. $FANG

Key Points

• 12th Street Asset Management cut its Diamondback Energy stake by 51.6% in Q4, selling 53,755 shares and leaving it with 50,361 shares worth about $7.57 million.
• Insider selling has been significant: director Charles Alvin Meloy and CFO Jere W. Thompson III both sold shares, and insiders have sold 174,321 shares over the last 90 days.
• Diamondback Energy reported strong quarterly results, beating EPS and revenue estimates, while also raising its quarterly dividend to $1.10 per share; analysts currently rate the stock a consensus Buy with a $221.84 target price.

12th Street Asset Management Company LLC decreased its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 51.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,361 shares of the oil and natural gas company's stock after selling 53,755 shares during the period. Diamondback Energy makes up 1.2% of 12th Street Asset Management Company LLC's portfolio, making the stock its 22nd largest holding. 12th Street Asset Management Company LLC's holdings in Diamondback Energy were worth $7,571,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Allstate Corp raised its stake in shares of Diamondback Energy by 98.6% in the 4th quarter. Allstate Corp now owns 13,843 shares of the oil and natural gas company's stock valued at $2,081,000 after buying an additional 6,874 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Diamondback Energy by 5.8% in the 4th quarter. Fisher Asset Management LLC now owns 36,391 shares of the oil and natural gas company's stock valued at $5,471,000 after purchasing an additional 1,991 shares during the period. New Age Alpha Advisors LLC raised its holdings in shares of Diamondback Energy by 5.9% in the 4th quarter. New Age Alpha Advisors LLC now owns 9,932 shares of the oil and natural gas company's stock worth $1,493,000 after buying an additional 552 shares in the last quarter. Systematic Financial Management LP boosted its stake in Diamondback Energy by 24.8% in the 4th quarter. Systematic Financial Management LP now owns 24,066 shares of the oil and natural gas company's stock valued at $3,618,000 after buying an additional 4,785 shares in the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in Diamondback Energy in the 4th quarter valued at $150,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Diamondback Energy

In other news, Director Charles Alvin Meloy sold 7,857 shares of the company's stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $189.20, for a total value of $1,486,544.40. Following the completion of the sale, the director directly owned 942,721 shares of the company's stock, valued at $178,362,813.20. This represents a 0.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jere W. Thompson III sold 750 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $182.47, for a total transaction of $136,852.50. Following the completion of the sale, the chief financial officer owned 19,975 shares in the company, valued at $3,644,838.25. This represents a 3.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 174,321 shares of company stock worth $32,090,475. 0.64% of the stock is owned by company insiders.

Diamondback Energy Price Performance

NASDAQ FANG opened at $200.71 on Tuesday. The stock has a market capitalization of $56.46 billion, a P/E ratio of 233.39 and a beta of 0.46. Diamondback Energy, Inc. has a 52 week low of $133.75 and a 52 week high of $214.51. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.55 and a current ratio of 0.56. The stock has a fifty day moving average of $194.64 and a 200-day moving average of $170.53.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $3.83 billion. During the same quarter last year, the business earned $4.54 earnings per share. The firm's quarterly revenue was up 4.7% compared to the same quarter last year. On average, equities research analysts forecast that Diamondback Energy, Inc. will post 19.49 EPS for the current year.

Diamondback Energy Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FANG. Wall Street Zen upgraded Diamondback Energy from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Raymond James Financial reiterated a "strong-buy" rating and set a $242.00 target price on shares of Diamondback Energy in a research report on Monday, April 27th. The Goldman Sachs Group boosted their price target on shares of Diamondback Energy from $187.00 to $212.00 and gave the company a "buy" rating in a research report on Wednesday, March 11th. Mizuho upped their price objective on shares of Diamondback Energy from $205.00 to $220.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 17th. Finally, Truist Financial set a $242.00 price objective on shares of Diamondback Energy in a report on Wednesday, May 6th. Five research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Diamondback Energy presently has an average rating of "Buy" and a consensus target price of $221.84.

Diamondback Energy 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.

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