Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by Channing Capital Management LLC

Channing Capital Management LLC cut its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 34.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,582 shares of the oil and natural gas company’s stock after selling 20,736 shares during the period. Channing Capital Management LLC’s holdings in Diamondback Energy were worth $6,138,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FANG. Coldstream Capital Management Inc. lifted its stake in shares of Diamondback Energy by 1.8% during the third quarter. Coldstream Capital Management Inc. now owns 3,655 shares of the oil and natural gas company’s stock worth $566,000 after buying an additional 64 shares during the period. MCF Advisors LLC increased its holdings in shares of Diamondback Energy by 8.6% in the fourth quarter. MCF Advisors LLC now owns 846 shares of the oil and natural gas company’s stock valued at $131,000 after purchasing an additional 67 shares during the period. Bleakley Financial Group LLC raised its stake in shares of Diamondback Energy by 2.5% in the fourth quarter. Bleakley Financial Group LLC now owns 3,115 shares of the oil and natural gas company’s stock worth $483,000 after purchasing an additional 75 shares during the last quarter. Simplicity Solutions LLC lifted its holdings in shares of Diamondback Energy by 2.5% during the fourth quarter. Simplicity Solutions LLC now owns 3,115 shares of the oil and natural gas company’s stock worth $483,000 after purchasing an additional 75 shares during the period. Finally, Simmons Bank increased its holdings in Diamondback Energy by 1.2% in the 3rd quarter. Simmons Bank now owns 6,564 shares of the oil and natural gas company’s stock worth $1,017,000 after buying an additional 81 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Shares of FANG stock traded up $3.05 on Monday, reaching $204.55. 953,979 shares of the company were exchanged, compared to its average volume of 1,735,035. Diamondback Energy, Inc. has a 1 year low of $123.41 and a 1 year high of $211.96. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. The business has a 50-day moving average price of $195.49 and a 200 day moving average price of $170.84. The company has a market cap of $36.48 billion, a price-to-earnings ratio of 11.54 and a beta of 1.91.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, beating analysts’ consensus estimates of $4.29 by $0.21. The business had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.10 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The business’s revenue was up 15.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.10 earnings per share. Equities research analysts forecast that Diamondback Energy, Inc. will post 18.91 earnings per share for the current fiscal year.

Diamondback Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th will be issued a $0.90 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.60 dividend on an annualized basis and a yield of 1.76%. Diamondback Energy’s payout ratio is currently 20.29%.

Wall Street Analysts Forecast Growth

FANG has been the topic of several recent research reports. Barclays started coverage on shares of Diamondback Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $214.00 price objective on the stock. BMO Capital Markets increased their price target on Diamondback Energy from $167.00 to $175.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 13th. Raymond James decreased their price objective on Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Royal Bank of Canada raised their target price on Diamondback Energy from $195.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Scotiabank boosted their price target on Diamondback Energy from $210.00 to $255.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $205.68.

Insiders Place Their Bets

In other news, CAO Teresa L. Dick sold 2,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total value of $384,000.00. Following the completion of the sale, the chief accounting officer now directly owns 96,523 shares in the company, valued at $18,532,416. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Jere W. Thompson III sold 2,675 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $192.35, for a total transaction of $514,536.25. Following the transaction, the vice president now owns 8,485 shares in the company, valued at $1,632,089.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total value of $384,000.00. Following the completion of the sale, the chief accounting officer now owns 96,523 shares of the company’s stock, valued at $18,532,416. The disclosure for this sale can be found here. Insiders have sold a total of 57,675 shares of company stock valued at $11,311,096 in the last 90 days. 0.43% of the stock is owned by insiders.

Diamondback Energy Company Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.