Diamondback Energy, Inc. $FANG Shares Sold by Reliant Investment Management LLC

Reliant Investment Management LLC lowered its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 96.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,310 shares of the oil and natural gas company’s stock after selling 33,368 shares during the period. Reliant Investment Management LLC’s holdings in Diamondback Energy were worth $259,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Boston Partners grew its stake in Diamondback Energy by 2.9% during the 3rd quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company’s stock worth $821,649,000 after buying an additional 163,548 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Diamondback Energy by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 5,621,120 shares of the oil and natural gas company’s stock valued at $844,073,000 after acquiring an additional 14,625 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Diamondback Energy by 11.5% in the fourth quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company’s stock valued at $775,607,000 after acquiring an additional 532,756 shares during the period. Capital Research Global Investors grew its position in shares of Diamondback Energy by 14.1% during the fourth quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company’s stock worth $651,363,000 after acquiring an additional 534,073 shares during the last quarter. Finally, Morgan Stanley grew its position in shares of Diamondback Energy by 3.2% during the fourth quarter. Morgan Stanley now owns 3,828,941 shares of the oil and natural gas company’s stock worth $575,605,000 after acquiring an additional 117,798 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $171.96 on Thursday. The business’s 50 day moving average is $194.31 and its two-hundred day moving average is $178.10. The stock has a market capitalization of $48.37 billion, a price-to-earnings ratio of 199.96 and a beta of 0.42. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 12-month low of $134.30 and a 12-month high of $214.51.

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. Research analysts expect that Diamondback Energy, Inc. will post 19.47 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders 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 of this dividend was Thursday, May 14th. This represents a $4.40 annualized dividend and a dividend yield of 2.6%. Diamondback Energy’s dividend payout ratio is presently 511.63%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FANG. Morgan Stanley decreased their price target on shares of Diamondback Energy from $229.00 to $216.00 and set an “overweight” rating for the company in a research note on Monday. Sanford C. Bernstein upped their target price on shares of Diamondback Energy from $237.00 to $241.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Susquehanna increased their target price on shares of Diamondback Energy from $231.00 to $245.00 and gave the stock a “positive” rating in a research note on Wednesday, May 6th. Barclays boosted their price target on Diamondback Energy from $225.00 to $232.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Finally, KeyCorp upped their price objective on Diamondback Energy from $196.00 to $225.00 and gave the company an “overweight” rating in a research note on Thursday, April 2nd. Five equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Diamondback Energy presently has an average rating of “Buy” and an average target price of $220.68.

Insider Buying and Selling at Diamondback Energy

In other news, Director Charles Alvin Meloy sold 83,334 shares of the 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 sale, the director directly owned 851,530 shares in the company, 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 through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Lawrence Plaumann sold 500 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total value of $98,250.00. Following the transaction, the director owned 13,437 shares of the company’s stock, valued at $2,640,370.50. This represents a 3.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 121,548 shares of company stock worth $23,146,460 over the last ninety days. 0.64% of the stock is currently owned by company 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.