EnCap Partners GP LLC Sells 1,084,666 Shares of Diamondback Energy, Inc. $FANG

EnCap Partners GP LLC cut its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 99.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,288 shares of the oil and natural gas company’s stock after selling 1,084,666 shares during the period. Diamondback Energy makes up about 0.1% of EnCap Partners GP LLC’s holdings, making the stock its 2nd biggest position. EnCap Partners GP LLC’s holdings in Diamondback Energy were worth $194,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Deseret Mutual Benefit Administrators raised its position in shares of Diamondback Energy by 31.7% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 274 shares of the oil and natural gas company’s stock worth $41,000 after purchasing an additional 66 shares during the period. Scotia Capital Inc. raised its position in Diamondback Energy by 0.3% during the third quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company’s stock valued at $2,822,000 after buying an additional 68 shares during the period. Equitable Trust Co. raised its position in Diamondback Energy by 0.7% during the third quarter. Equitable Trust Co. now owns 10,030 shares of the oil and natural gas company’s stock valued at $1,435,000 after buying an additional 73 shares during the period. Townsend & Associates Inc raised its position in Diamondback Energy by 0.5% during the fourth quarter. Townsend & Associates Inc now owns 14,330 shares of the oil and natural gas company’s stock valued at $2,161,000 after buying an additional 75 shares during the period. Finally, 180 Wealth Advisors LLC raised its position in Diamondback Energy by 2.9% during the fourth quarter. 180 Wealth Advisors LLC now owns 2,725 shares of the oil and natural gas company’s stock valued at $410,000 after buying an additional 78 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FANG. Wells Fargo & Company upped their price target on Diamondback Energy from $202.00 to $262.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Raymond James Financial reissued a “strong-buy” rating and set a $249.00 price target on shares of Diamondback Energy in a research report on Wednesday, June 10th. The Goldman Sachs Group upped their price target on Diamondback Energy from $187.00 to $212.00 and gave the company a “buy” rating in a research report on Wednesday, March 11th. Zacks Research lowered Diamondback Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Finally, Truist Financial set a $242.00 price target on Diamondback Energy in a research report on Wednesday, May 6th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $223.63.

Insider Buying and Selling

In other news, CAO Teresa L. Dick sold 7,000 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the sale, the chief accounting officer owned 85,755 shares in the company, valued at approximately $17,228,179.50. This represents a 7.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Matt Zmigrosky sold 5,000 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the sale, the executive vice president owned 46,392 shares of the company’s stock, valued at approximately $9,303,451.68. This trade represents a 9.73% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 121,548 shares of company stock worth $23,146,460. Insiders own 0.64% of the company’s stock.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $185.48 on Thursday. The business’s 50-day moving average price is $195.33 and its two-hundred day moving average price is $176.39. 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 one year low of $134.30 and a one year high of $214.51. The company has a market capitalization of $52.18 billion, a P/E ratio of 215.68 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, beating analysts’ consensus estimates of $3.74 by $0.49. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The firm had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the previous year, the company posted $4.54 earnings per share. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. Analysts anticipate that Diamondback Energy, Inc. will post 19.92 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.4%. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.05. The ex-dividend date was Thursday, May 14th. Diamondback Energy’s dividend payout ratio is presently 511.63%.

Diamondback Energy Company Profile

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.