Diamondback Energy (NASDAQ:FANG) Director Sells $6,124,605.42 in Stock

Key Points

• Director Charles Meloy sold 33,333 Diamondback Energy shares for approximately $6.12 million at an average price of $183.74 under a pre-arranged Rule 10b5-1 trading plan, reducing his position by 4.2%.
• Diamondback shares recently traded at $184.38, down 0.3%, while the company reported quarterly revenue of $5.56 billion and adjusted earnings of $6.48 per share, exceeding analyst expectations.
• The company pays a quarterly dividend of $1.10, equal to a 2.4% yield, and analysts maintain a “Moderate Buy” consensus with an average price target of $228.90.

Diamondback Energy, Inc. (NASDAQ:FANG - Get Free Report) Director Charles Meloy sold 33,333 shares of the business's stock in a transaction that occurred on Monday, October 5th. The shares were 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 of the company's stock, valued at approximately $139,617,411.36. This represents a 4.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Charles Alvin Meloy also recently made the following trade(s):

• On Monday, August 3rd, Charles Meloy sold 33,333 shares of Diamondback Energy stock. The shares were sold at an average price of $198.41, for a total value of $6,613,600.53.

Diamondback Energy Trading Down 0.3%

Shares of Diamondback Energy stock traded down $0.60 during trading hours on Wednesday, hitting $184.38. The company's stock had a trading volume of 2,323,098 shares, compared to its average volume of 2,649,113. 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 of $197.19 and a 200 day moving average of $194.27. The company has a market capitalization of $51.63 billion, a PE ratio of 35.94 and a beta of 0.55. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.47 and a quick ratio of 0.45.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, beating the consensus estimate of $6.08 by $0.40. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.The business had revenue of $5.56 billion for the quarter, compared to analysts' expectations of $4.89 billion. During the same quarter in the previous year, the business posted $2.38 EPS. Diamondback Energy's revenue for the quarter was up 51.2% on a year-over-year basis. Analysts predict that Diamondback Energy, Inc. will post 20.33 earnings per share for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Thursday, August 13th. Diamondback Energy's dividend payout ratio is 85.77%.

Institutional Investors Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cedar Mountain Advisors LLC bought a new position in shares of Diamondback Energy in the first quarter valued at $26,000. Meeder Asset Management Inc. acquired a new stake in Diamondback Energy during the 2nd quarter valued at $28,000. Burkett Financial Services LLC bought a new stake in Diamondback Energy in the 3rd quarter valued at $32,000. Hilton Head Capital Partners LLC bought a new position in shares of Diamondback Energy during the fourth quarter worth approximately $34,000. Finally, Global Assets Advisory LLC bought a new position in shares of Diamondback Energy in the first quarter worth $40,000. 90.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FANG. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Diamondback Energy in a research report on Thursday, September 17th. Barclays lowered their target price on Diamondback Energy from $232.00 to $221.00 and set an "overweight" rating for the company in a report on Monday, August 17th. Wall Street Zen upgraded Diamondback Energy from a "hold" rating to a "buy" rating in a report on Sunday, September 13th. Morgan Stanley reaffirmed an "equal weight" rating and set a $216.00 price objective on shares of Diamondback Energy in a research report on Wednesday, August 19th. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $205.00 price objective on shares of Diamondback Energy in a report on Sunday, August 9th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Diamondback Energy currently has a consensus rating of "Moderate Buy" and an average price target of $228.90.

Diamondback Energy Company 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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