Signal Advisors Wealth LLC Decreases Position in Diamondback Energy, Inc. $FANG

Key Points

• Signal Advisors Wealth LLC reduced its Diamondback Energy stake by 14.1% in the first quarter, selling 8,792 shares and ending with 53,579 shares valued at about $10.6 million.
• Diamondback Energy reported better-than-expected quarterly results, posting EPS of $4.23 versus $3.74 expected and revenue of $4.24 billion versus $3.83 billion forecast.
• The company also raised its quarterly dividend to $1.10 per share from $1.05, while analysts remain broadly positive with an average Buy rating and a target price of $221.37.

Signal Advisors Wealth LLC cut its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 14.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,579 shares of the oil and natural gas company's stock after selling 8,792 shares during the period. Signal Advisors Wealth LLC's holdings in Diamondback Energy were worth $10,597,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in shares of Diamondback Energy by 74.1% in the fourth quarter. Wellington Management Group LLP now owns 3,239,837 shares of the oil and natural gas company's stock worth $487,045,000 after buying an additional 1,379,010 shares during the period. EnCap Energy Capital Fund XII L.P. purchased a new stake in Diamondback Energy during the 4th quarter valued at about $169,342,000. Smead Capital Management Inc. purchased a new stake in Diamondback Energy during the 2nd quarter valued at about $144,775,000. Capital Research Global Investors grew its position in Diamondback Energy by 38.0% during the 3rd quarter. Capital Research Global Investors now owns 3,798,812 shares of the oil and natural gas company's stock worth $543,610,000 after acquiring an additional 1,046,398 shares during the last quarter. Finally, Encompass Capital Advisors LLC bought a new position in Diamondback Energy during the 4th quarter worth approximately $112,198,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Stock Up 2.3%

Shares of NASDAQ:FANG opened at $187.80 on Tuesday. The stock's 50-day moving average is $195.06 and its 200 day moving average is $177.02. The company has a market cap of $52.83 billion, a PE ratio of 218.37 and a beta of 0.42. 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, Inc. has a 1 year low of $134.30 and a 1 year high of $214.51.

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

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were paid a $1.10 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This is a positive change from Diamondback Energy's previous quarterly dividend of $1.05. This represents a $4.40 dividend on an annualized basis and a yield of 2.3%. Diamondback Energy's payout ratio is 511.63%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Barclays lifted their price target on Diamondback Energy from $225.00 to $232.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 26th. Roth Mkm set a $212.00 price objective on Diamondback Energy and gave the company a "buy" rating in a research note on Monday. Morgan Stanley raised their target price on shares of Diamondback Energy from $224.00 to $229.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Citigroup lifted their target price 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. Finally, Benchmark lowered shares of Diamondback Energy from a "buy" rating to a "hold" rating in a report on Thursday, March 5th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Diamondback Energy currently has an average rating of "Buy" and an average target price of $221.37.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, CAO Teresa L. Dick sold 7,000 shares of the business's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the transaction, the chief accounting officer directly owned 85,755 shares of the company's stock, valued at approximately $17,228,179.50. The trade was a 7.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles Alvin Meloy sold 83,334 shares of the company's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total transaction of $15,593,458.08. Following the completion of the transaction, the director owned 851,530 shares of the company's stock, valued at $159,338,293.60. This trade represents a 8.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 121,548 shares of company stock worth $23,146,460. 0.64% of the stock is currently owned by insiders.

About Diamondback Energy

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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