Diamondback Energy, Inc. (NASDAQ:FANG) is Viking Fund Management LLC’s 8th Largest Position

Viking Fund Management LLC lessened its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 12.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 65,320 shares of the oil and natural gas company’s stock after selling 8,900 shares during the quarter. Diamondback Energy makes up approximately 2.3% of Viking Fund Management LLC’s portfolio, making the stock its 8th biggest position. Viking Fund Management LLC’s holdings in Diamondback Energy were worth $12,944,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. MCF Advisors LLC lifted its stake in 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 worth $131,000 after acquiring an additional 67 shares during the period. Bleakley Financial Group LLC lifted its stake in 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 acquiring an additional 75 shares during the period. Simplicity Solutions LLC lifted its stake in Diamondback Energy by 2.5% in the fourth quarter. Simplicity Solutions LLC now owns 3,115 shares of the oil and natural gas company’s stock worth $483,000 after acquiring an additional 75 shares during the period. Baldwin Investment Management LLC lifted its stake in Diamondback Energy by 1.2% in the fourth quarter. Baldwin Investment Management LLC now owns 6,170 shares of the oil and natural gas company’s stock worth $957,000 after acquiring an additional 75 shares during the period. Finally, J.W. Cole Advisors Inc. lifted its stake in Diamondback Energy by 3.0% in the fourth quarter. J.W. Cole Advisors Inc. now owns 2,796 shares of the oil and natural gas company’s stock worth $434,000 after acquiring an additional 82 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insiders Place Their Bets

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total value of $1,182,840.00. Following the transaction, the chief operating officer now directly owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the transaction, the chief executive officer now directly owns 446,610 shares of the company’s stock, valued at approximately $89,322,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total value of $1,182,840.00. Following the transaction, the chief operating officer now directly owns 69,677 shares in the company, valued at $13,736,123.78. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,900 shares of company stock valued at $7,362,750. Insiders own 0.48% of the company’s stock.

Diamondback Energy Stock Performance

NASDAQ FANG traded up $2.05 during trading hours on Thursday, hitting $199.01. The company’s stock had a trading volume of 714,013 shares, compared to its average volume of 1,637,786. Diamondback Energy, Inc. has a 12 month low of $125.69 and a 12 month high of $211.96. The company’s 50 day simple moving average is $196.78 and its two-hundred day simple moving average is $180.79. The company has a market cap of $35.49 billion, a P/E ratio of 11.22, a price-to-earnings-growth ratio of 1.07 and a beta of 1.90. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, topping the consensus estimate of $4.29 by $0.21. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.10 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. Diamondback Energy’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period last year, the company earned $4.10 EPS. As a group, sell-side analysts expect that Diamondback Energy, Inc. will post 19.06 EPS for the current fiscal year.

Diamondback Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th were given a $0.90 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.60 annualized dividend and a yield of 1.81%. Diamondback Energy’s payout ratio is 20.29%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Bank of America reiterated a “neutral” rating and issued a $201.00 price objective on shares of Diamondback Energy in a report on Friday, June 14th. Wells Fargo & Company decreased their price objective on Diamondback Energy from $227.00 to $224.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. Morgan Stanley decreased their price objective on Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, April 15th. Evercore ISI increased their price objective on Diamondback Energy from $185.00 to $215.00 and gave the stock an “outperform” rating in a report on Monday, March 25th. Finally, Piper Sandler raised their price target on Diamondback Energy from $227.00 to $247.00 and gave the company an “overweight” rating in a report on Friday, April 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $209.35.

Diamondback Energy 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.