15,000 Diamondback Energy, Inc. $FANG Shares Sold by Viking Fund Management LLC

Key Points

• Viking Fund Management cut its Diamondback Energy stake by 27.3%, selling 15,000 shares and retaining 40,000 shares valued at approximately $7.35 million. Institutional investors collectively own 90.01% of the company.
• Analysts maintain a positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $226.50; recent targets range from $212 to $250.
• Diamondback Energy reported quarterly earnings of $6.48 per share, beating estimates of $6.08, while revenue rose 51.2% year over year to $5.56 billion. The company also pays an annualized dividend of $4.40 per share, yielding about 2.2%.

Viking Fund Management LLC decreased its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 27.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,000 shares of the oil and natural gas company's stock after selling 15,000 shares during the period. Viking Fund Management LLC's holdings in Diamondback Energy were worth $7,352,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Reliant Investment Management LLC acquired a new position in shares of Diamondback Energy during the 3rd quarter worth $237,000. Seelaus Asset Management LLC lifted its position in shares of Diamondback Energy by 6.5% during the 3rd quarter. Seelaus Asset Management LLC now owns 2,378 shares of the oil and natural gas company's stock worth $437,000 after buying an additional 145 shares during the last quarter. First Citizens Bank & Trust Co. acquired a new stake in Diamondback Energy in the third quarter valued at about $971,000. Roberts Wealth Advisors LLC boosted its stake in Diamondback Energy by 0.7% in the third quarter. Roberts Wealth Advisors LLC now owns 12,758 shares of the oil and natural gas company's stock valued at $2,345,000 after buying an additional 91 shares in the last quarter. Finally, Womack Financial LLC grew its position in Diamondback Energy by 5.1% in the third quarter. Womack Financial LLC now owns 2,984 shares of the oil and natural gas company's stock valued at $548,000 after acquiring an additional 144 shares during the last quarter. 90.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on FANG shares. Roth Capital boosted their target price on Diamondback Energy from $205.00 to $212.00 and gave the stock a "buy" rating in a research note on Tuesday, August 4th. Scotiabank began coverage on shares of Diamondback Energy in a report on Wednesday. They issued an "outperform" rating and a $250.00 target price for the company. Citigroup reduced their price target on shares of Diamondback Energy from $221.00 to $220.00 and set a "buy" rating on the stock in a research note on Monday, August 10th. The Goldman Sachs Group decreased their price target on shares of Diamondback Energy from $220.00 to $215.00 and set a "buy" rating on the stock in a report on Thursday, October 1st. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $240.00 price target on shares of Diamondback Energy in a report on Wednesday. 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 stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $226.50.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $197.51 on Thursday. The company has a current ratio of 0.47, a quick ratio of 0.45 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $55.31 billion, a PE ratio of 12.76 and a beta of 0.55. Diamondback Energy, Inc. has a 12 month low of $137.03 and a 12 month high of $216.90. The stock has a 50-day moving average price of $196.80 and a two-hundred day moving average price of $194.19.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share 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 analysts' expectations of $4.89 billion. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%. The business's quarterly revenue was up 51.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.38 earnings per share. Analysts expect that Diamondback Energy, Inc. will post 20.41 EPS for the current year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Thursday, August 13th. Diamondback Energy's payout ratio is presently 85.77%.

Insider Activity at Diamondback Energy

In other news, Director Travis D. Stice sold 75,000 shares of the firm's stock in a transaction 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 transaction, the director owned 49,727 shares of the company's stock, valued at approximately $10,159,723.37. This trade represents a 60.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, the director owned 759,864 shares in the company, valued at approximately $139,617,411.36. This trade represents a 4.20% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 141,666 shares of company stock valued at $28,061,456. Corporate insiders own 0.64% of the company's stock.

Diamondback Energy Profile

Diamondback Energy, Inc is an independent oil and natural gas company headquartered in Midland, Texas. The company focuses primarily on the acquisition, development, exploration and production of unconventional, onshore oil and natural gas reserves in the Permian Basin of West Texas and southeastern New Mexico.

Diamondback's operations are concentrated in the Midland and Delaware sub-basins, where it develops properties using horizontal drilling and hydraulic fracturing. Its production includes crude oil, natural gas and natural gas liquids.

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