Diamondback Energy, Inc. $FANG Shares Sold by EnCap Partners GP LLC

Key Points

• EnCap Partners GP LLC cut its Diamondback Energy stake by 99.9% in the fourth quarter, selling more than 1.08 million shares and leaving just 1,288 shares valued at about $194,000.
• Diamondback reported strong quarterly results, with EPS of $4.23 beating estimates and revenue of $4.24 billion topping expectations; analysts now have a consensus price target of $223.63 and a “Moderate Buy” rating.
• The company also raised its dividend to $1.10 per share quarterly, while recent insider selling included transactions by CAO Teresa L. Dick and EVP Matt Zmigrosky, with insiders selling $23.1 million of stock over the last 90 days.

EnCap Partners GP LLC lessened its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 99.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,288 shares of the oil and natural gas company's stock after selling 1,084,666 shares during the quarter. Diamondback Energy comprises approximately 0.1% of EnCap Partners GP LLC's holdings, making the stock its 2nd largest position. EnCap Partners GP LLC's holdings in Diamondback Energy were worth $194,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Encompass Capital Advisors LLC acquired a new position in Diamondback Energy during the 4th quarter worth $112,198,000. Engineers Gate Manager LP acquired a new position in Diamondback Energy during the 4th quarter worth $3,177,000. Asset One Wealth Management LLC acquired a new position in Diamondback Energy during the 4th quarter worth $2,494,000. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in Diamondback Energy by 3.1% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 6,178 shares of the oil and natural gas company's stock worth $928,000 after acquiring an additional 186 shares during the period. Finally, American Trust acquired a new position in Diamondback Energy during the 4th quarter worth $207,000. Institutional investors and hedge funds own 90.01% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on FANG shares. KeyCorp boosted their price objective on Diamondback Energy from $196.00 to $225.00 and gave the stock an "overweight" rating in a research note on Thursday, April 2nd. Susquehanna boosted their price objective on Diamondback Energy from $231.00 to $245.00 and gave the stock a "positive" rating in a research note on Wednesday, May 6th. Barclays boosted their price objective on Diamondback Energy from $225.00 to $232.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 26th. Zacks Research downgraded Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 28th. Finally, Piper Sandler boosted their price objective on Diamondback Energy from $215.00 to $248.00 and gave the stock an "overweight" rating in a research note on Thursday, March 12th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $223.63.

Diamondback Energy Stock Down 1.4%

FANG opened at $185.48 on Thursday. Diamondback Energy, Inc. has a one year low of $134.30 and a one year 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's fifty day moving average is $195.33 and its 200-day moving average is $176.39. The company has a market capitalization of $52.18 billion, a PE ratio of 215.68 and a beta of 0.42.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, topping analysts' consensus estimates of $3.74 by $0.49. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the previous year, the business earned $4.54 EPS. The company's quarterly revenue was up 4.7% compared to the same quarter last year. On average, equities analysts predict that Diamondback Energy, Inc. will post 19.92 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Diamondback Energy's previous quarterly dividend of $1.05. The ex-dividend date of this dividend was Thursday, May 14th. Diamondback Energy's payout ratio is presently 511.63%.

Insider Buying and Selling

In other news, CAO Teresa L. Dick sold 7,000 shares of the business's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the sale, the chief accounting officer directly owned 85,755 shares of the company's stock, valued at $17,228,179.50. The trade was a 7.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Matt Zmigrosky sold 5,000 shares of the business's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the sale, the executive vice president directly owned 46,392 shares in the company, valued at $9,303,451.68. This trade represents a 9.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 121,548 shares of company stock valued at $23,146,460 over the last ninety days. 0.64% of the stock is currently owned by company insiders.

Diamondback Energy Company 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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