Impala Asset Management LLC Makes New $3.01 Million Investment in Diamondback Energy, Inc. $FANG

Key Points

• Impala Asset Management opened a new position in Diamondback Energy, buying 20,000 shares worth about $3.01 million, making FANG its 14th-largest holding and about 1.9% of the portfolio.
• Analyst sentiment remains mostly positive, with several firms raising price targets; the stock’s consensus rating is “Moderate Buy” with an average target price of $223.63.
• Diamondback reported better-than-expected Q1 results, posting EPS of $4.23 versus $3.74 expected and revenue of $4.24 billion versus $3.83 billion expected, while also raising its quarterly dividend to $1.10 per share.

Impala Asset Management LLC purchased a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 20,000 shares of the oil and natural gas company's stock, valued at approximately $3,007,000. Diamondback Energy accounts for about 1.9% of Impala Asset Management LLC's portfolio, making the stock its 14th largest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Flagship Harbor Advisors LLC bought a new stake in shares of Diamondback Energy during the 4th quarter worth approximately $25,000. Richardson Financial Services Inc. lifted its holdings in shares of Diamondback Energy by 245.1% during the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company's stock worth $26,000 after acquiring an additional 125 shares during the period. Laurel Wealth Advisors LLC bought a new stake in shares of Diamondback Energy during the 4th quarter worth approximately $26,000. JPL Wealth Management LLC bought a new stake in shares of Diamondback Energy during the 3rd quarter worth approximately $26,000. Finally, Wellington Shields & Co. LLC lifted its holdings in shares of Diamondback Energy by 264.7% during the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company's stock worth $28,000 after acquiring an additional 135 shares during the period. Institutional investors own 90.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FANG shares. Susquehanna upped their price target on shares of Diamondback Energy from $231.00 to $245.00 and gave the stock a "positive" rating in a report on Wednesday, May 6th. Wall Street Zen raised shares of Diamondback Energy from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Zacks Research downgraded shares of Diamondback Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 28th. Truist Financial set a $242.00 price target on shares of Diamondback Energy in a report on Wednesday, May 6th. Finally, Mizuho upped their price target on shares of Diamondback Energy from $220.00 to $240.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Diamondback Energy has an average rating of "Moderate Buy" and an average target price of $223.63.

Insider Activity

In other Diamondback Energy news, Director Steven E. West sold 6,000 shares of the business's stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $188.35, for a total transaction of $1,130,100.00. Following the sale, the director owned 4,484 shares of the company's stock, valued at approximately $844,561.40. The trade was a 57.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Matt Zmigrosky sold 5,000 shares of the company's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $200.54, for a total transaction of $1,002,700.00. Following the completion of the transaction, the executive vice president owned 46,392 shares of the company's stock, valued at approximately $9,303,451.68. This trade represents a 9.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 54,065 shares of company stock valued at $10,551,236. 0.64% of the stock is currently owned by insiders.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $192.13 on Friday. The firm's fifty day moving average price is $195.70 and its two-hundred day moving average price is $175.36. The stock has a market cap of $54.05 billion, a PE ratio of 223.41 and a beta of 0.42. Diamondback Energy, Inc. has a fifty-two week low of $134.30 and a fifty-two 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.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, topping analysts' consensus estimates of $3.74 by $0.49. The firm had revenue of $4.24 billion for the quarter, compared to analysts' expectations of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The company's revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.54 earnings per share. On average, equities analysts expect 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. Shareholders of record on Thursday, May 14th were paid a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, May 14th. This is a boost from Diamondback Energy's previous quarterly dividend of $1.05. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.3%. Diamondback Energy's payout ratio is presently 511.63%.

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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