Charles Alvin Meloy Sells 83,334 Shares of Diamondback Energy (NASDAQ:FANG) Stock

Diamondback Energy, Inc. (NASDAQ:FANG) Director Charles Alvin Meloy sold 83,334 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $187.12, for a total value of $15,593,458.08. Following the completion of the sale, the director directly owned 851,530 shares of the company’s stock, valued at $159,338,293.60. This represents a 8.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Thursday, May 7th, Charles Alvin Meloy sold 7,857 shares of Diamondback Energy stock. The stock was sold at an average price of $189.20, for a total value of $1,486,544.40.
• On Monday, April 6th, Charles Alvin Meloy sold 7,857 shares of Diamondback Energy stock. The stock was sold at an average price of $193.93, for a total value of $1,523,708.01.

Diamondback Energy Trading Down 1.1%

NASDAQ:FANG opened at $183.50 on Friday. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 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 has a fifty day moving average price of $195.09 and a two-hundred day moving average price of $176.61. The stock has a market capitalization of $51.62 billion, a price-to-earnings ratio of 213.37 and a beta of 0.42.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, topping the consensus estimate of $3.74 by $0.49. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same period in the previous year, the firm earned $4.54 EPS. The business’s revenue was up 4.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Diamondback Energy, Inc. will post 19.92 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.4%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $1.05. The ex-dividend date was Thursday, May 14th. Diamondback Energy’s dividend payout ratio (DPR) is 511.63%.

Hedge Funds Weigh In On Diamondback Energy

Several hedge funds have recently added to or reduced their stakes in the business. Western Wealth Management LLC purchased a new stake in shares of Diamondback Energy in the first quarter valued at about $970,000. Pine Valley Investments Ltd Liability Co increased its stake in shares of Diamondback Energy by 500.9% during the 1st quarter. Pine Valley Investments Ltd Liability Co now owns 12,985 shares of the oil and natural gas company’s stock worth $2,568,000 after purchasing an additional 10,824 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Diamondback Energy by 10.6% during the 1st quarter. Parallel Advisors LLC now owns 15,945 shares of the oil and natural gas company’s stock worth $3,154,000 after purchasing an additional 1,534 shares in the last quarter. Glenmede Trust Co. NA increased its stake in shares of Diamondback Energy by 1.4% during the 1st quarter. Glenmede Trust Co. NA now owns 6,944 shares of the oil and natural gas company’s stock worth $1,373,000 after purchasing an additional 94 shares in the last quarter. Finally, Summit Financial Wealth Advisors LLC acquired a new position in shares of Diamondback Energy during the 1st quarter worth approximately $370,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on FANG shares. Mizuho increased their target price on shares of Diamondback Energy from $220.00 to $240.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Diamondback Energy in a research report on Wednesday, May 27th. Roth Mkm reissued a “neutral” rating and set a $205.00 price target on shares of Diamondback Energy in a research note on Tuesday, May 5th. Piper Sandler upped their price target on Diamondback Energy from $215.00 to $248.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Finally, Susquehanna lifted their price objective on Diamondback Energy from $231.00 to $245.00 and gave the stock a “positive” rating in a report on Wednesday, May 6th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $223.63.

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.