Kingsview Wealth Management LLC Trims Position in Diamondback Energy, Inc. $FANG

Key Points

• Kingsview Wealth Management cut its stake in Diamondback Energy by 17.7% in the fourth quarter, selling 12,416 shares and ending with 57,691 shares valued at about $8.7 million.
• Insiders have been selling shares, including CAO Teresa L. Dick and CFO Jere W. Thompson III; total insider sales reached 174,321 shares worth about $32.1 million over the last three months.
• Diamondback Energy beat earnings and revenue expectations in its latest quarter, and it also raised its quarterly dividend to $1.10 per share. Analysts remain broadly bullish, with a consensus Buy rating and average price target of $223.26.

Kingsview Wealth Management LLC decreased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 17.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,691 shares of the oil and natural gas company's stock after selling 12,416 shares during the quarter. Kingsview Wealth Management LLC's holdings in Diamondback Energy were worth $8,673,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in FANG. Scotia Capital Inc. raised its stake in shares of Diamondback Energy by 0.3% during the third quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company's stock valued at $2,822,000 after acquiring an additional 68 shares in the last quarter. Equitable Trust Co. increased its holdings in Diamondback Energy by 0.7% during the 3rd quarter. Equitable Trust Co. now owns 10,030 shares of the oil and natural gas company's stock worth $1,435,000 after purchasing an additional 73 shares during the period. Valeo Financial Advisors LLC increased its holdings in Diamondback Energy by 3.0% during the 3rd quarter. Valeo Financial Advisors LLC now owns 2,568 shares of the oil and natural gas company's stock worth $367,000 after purchasing an additional 74 shares during the period. Townsend & Associates Inc raised its position in Diamondback Energy by 0.5% during the 4th quarter. Townsend & Associates Inc now owns 14,330 shares of the oil and natural gas company's stock valued at $2,161,000 after purchasing an additional 75 shares in the last quarter. Finally, 180 Wealth Advisors LLC raised its position in Diamondback Energy by 2.9% during the 4th quarter. 180 Wealth Advisors LLC now owns 2,725 shares of the oil and natural gas company's stock valued at $410,000 after purchasing an additional 78 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Activity at Diamondback Energy

In related news, CAO Teresa L. Dick sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $207.00, for a total transaction of $1,035,000.00. Following the completion of the sale, the chief accounting officer owned 92,755 shares of the company's stock, valued at $19,200,285. This represents a 5.11% 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, CFO Jere W. Thompson III sold 750 shares of the firm's 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 of the company's stock, valued at approximately $3,644,838.25. This trade represents a 3.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 174,321 shares of company stock valued at $32,090,475 over the last three months. Company insiders own 0.64% of the company's stock.

Diamondback Energy Trading Up 0.7%

Shares of NASDAQ FANG opened at $194.14 on Friday. Diamondback Energy, Inc. has a 1-year low of $133.75 and a 1-year high of $214.51. The business has a fifty day moving average price of $195.24 and a 200 day moving average price of $171.66. The stock has a market capitalization of $54.61 billion, a P/E ratio of 225.75 and a beta of 0.46. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55.

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 (EPS) for the quarter, beating the consensus estimate of $3.74 by $0.49. The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $3.83 billion. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The firm's quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.54 earnings per share. Equities research analysts expect that Diamondback Energy, Inc. will post 19.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were paid a dividend of $1.10 per share. This is a boost from Diamondback Energy's previous quarterly dividend of $1.05. The ex-dividend date was Thursday, May 14th. This represents a $4.40 annualized dividend and a dividend yield of 2.3%. Diamondback Energy's dividend payout ratio (DPR) is presently 511.63%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Scotiabank increased their price target on Diamondback Energy from $175.00 to $195.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 22nd. Citigroup upped their price objective on shares of Diamondback Energy from $225.00 to $245.00 and gave the stock a "buy" rating in a research note on Wednesday, May 20th. Sanford C. Bernstein raised their target price on shares of Diamondback Energy from $237.00 to $241.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Benchmark lowered shares of Diamondback Energy from a "buy" rating to a "hold" rating in a report on Thursday, March 5th. Finally, 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 research report on Wednesday, May 6th. Five 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $223.26.

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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