Diamondback Energy (NASDAQ:FANG) Director Charles Alvin Meloy Sells 60,605 Shares

Diamondback Energy, Inc. (NASDAQ:FANG) Director Charles Alvin Meloy sold 60,605 shares of the company’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $161.12, for a total transaction of $9,764,677.60. Following the completion of the sale, the director directly owned 982,006 shares in the company, valued at approximately $158,220,806.72. This represents a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

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

• On Thursday, December 4th, Charles Alvin Meloy sold 377,911 shares of Diamondback Energy stock. The stock was sold at an average price of $138.61, for a total value of $52,382,243.71.

Diamondback Energy Trading Up 3.8%

NASDAQ FANG opened at $168.99 on Thursday. The stock has a market capitalization of $48.40 billion, a P/E ratio of 11.74 and a beta of 0.63. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $169.49. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.62 and a quick ratio of 0.60. The business has a 50 day simple moving average of $153.08 and a 200 day simple moving average of $146.83.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share for the quarter, beating the consensus estimate of $2.94 by $0.14. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.48 billion. During the same quarter in the previous year, the business posted $3.19 EPS. Diamondback Energy’s revenue for the quarter was up 48.4% compared to the same quarter last year. Research analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FANG has been the topic of several recent research reports. Piper Sandler raised their price target on shares of Diamondback Energy from $215.00 to $218.00 and gave the company an “overweight” rating in a research report on Wednesday, January 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Diamondback Energy in a research report on Monday, December 29th. Susquehanna decreased their price target on shares of Diamondback Energy to $188.00 and set a “positive” rating for the company in a research note on Monday, October 20th. Scotiabank set a $175.00 price objective on Diamondback Energy in a report on Friday, January 16th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $173.00 price objective on shares of Diamondback Energy in a report on Monday, January 19th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $185.90.

Institutional Investors Weigh In On Diamondback Energy

A number of large investors have recently added to or reduced their stakes in the company. Smead Capital Management Inc. purchased a new stake in Diamondback Energy during the second quarter valued at about $144,775,000. Capital Research Global Investors increased its stake in shares of Diamondback Energy by 38.0% in the third quarter. Capital Research Global Investors now owns 3,798,812 shares of the oil and natural gas company’s stock worth $543,610,000 after buying an additional 1,046,398 shares during the period. Balyasny Asset Management L.P. raised its holdings in Diamondback Energy by 2,637.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 456,686 shares of the oil and natural gas company’s stock valued at $65,352,000 after buying an additional 440,005 shares during the last quarter. Vanguard Group Inc. grew its holdings in Diamondback Energy by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 23,325,287 shares of the oil and natural gas company’s stock worth $3,204,894,000 after acquiring an additional 388,512 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Diamondback Energy by 9.0% during the second quarter. Bank of New York Mellon Corp now owns 4,642,218 shares of the oil and natural gas company’s stock worth $637,841,000 after purchasing an additional 384,971 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

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.