Neo Ivy Capital Management Sells 4,360 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Neo Ivy Capital Management cut its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 23.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,040 shares of the oil and natural gas company’s stock after selling 4,360 shares during the period. Diamondback Energy comprises approximately 0.8% of Neo Ivy Capital Management’s investment portfolio, making the stock its 20th biggest position. Neo Ivy Capital Management’s holdings in Diamondback Energy were worth $2,420,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Carolinas Wealth Consulting LLC increased its holdings in shares of Diamondback Energy by 67.1% during the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after buying an additional 55 shares in the last quarter. HHM Wealth Advisors LLC acquired a new position in shares of Diamondback Energy during the second quarter worth $40,000. Values First Advisors Inc. acquired a new position in shares of Diamondback Energy during the third quarter worth $42,000. Oliver Lagore Vanvalin Investment Group increased its holdings in shares of Diamondback Energy by 109.7% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 260 shares of the oil and natural gas company’s stock worth $52,000 after buying an additional 136 shares in the last quarter. Finally, CVA Family Office LLC increased its holdings in shares of Diamondback Energy by 28.1% during the third quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock worth $51,000 after buying an additional 65 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This trade represents a 92.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the transaction, the director now directly owns 4,712 shares in the company, valued at approximately $852,872. The trade was a 19.62 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.

Analyst Upgrades and Downgrades

FANG has been the subject of several research analyst reports. Truist Financial upped their price target on shares of Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Raymond James increased their price objective on Diamondback Energy from $232.00 to $237.00 and gave the company a “strong-buy” rating in a report on Tuesday, November 19th. StockNews.com upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. assumed coverage on Diamondback Energy in a report on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price objective for the company. Finally, BMO Capital Markets upgraded Diamondback Energy from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $205.00 to $215.00 in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $212.17.

Diamondback Energy Price Performance

FANG stock opened at $163.15 on Wednesday. The stock has a market capitalization of $47.64 billion, a PE ratio of 9.34, a price-to-earnings-growth ratio of 1.23 and a beta of 1.88. The company’s 50-day moving average is $181.27 and its 200-day moving average is $188.82. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. Diamondback Energy, Inc. has a 1 year low of $146.82 and a 1 year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. Diamondback Energy’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period last year, the company earned $5.49 EPS. Equities research analysts expect that Diamondback Energy, Inc. will post 16.26 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were given a dividend of $0.90 per share. The ex-dividend date was Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.21%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.61%.

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.