On July 13, 2023, it was reported that Jennison Associates LLC had reduced its stake in Diamondback Energy, Inc. by 13.3% during the first quarter of the year. According to the company’s latest Form 13F filing with the Securities & Exchange Commission (SEC), Jennison Associates LLC now owns 299,577 shares of Diamondback Energy’s stock, down from 345,406 shares in the previous quarter.
With this reduction in position, Jennison Associates LLC now represents a mere 0.16% of Diamondback Energy’s market value, which equates to approximately $40,494,000 according to its most recent SEC filing. This move indicates a change in sentiment among investors regarding their outlook on Diamondback Energy’s future prospects.
However, it is important to note that Diamondback Energy has recently released its quarterly earnings data for the first quarter ending May 1st. Despite missing the consensus estimate of $4.33 earnings per share (EPS) by $0.23 with reported EPS of $4.10, the company still demonstrated a return on equity of 27.02% and a net margin of 47.15%.
Furthermore, Diamondback Energy generated revenue amounting to $1.93 billion during the quarter, slightly surpassing the consensus estimate of $1.92 billion. Although this represented a decline of 20.1% compared to the same quarter last year and may raise concerns among investors, analysts forecast that Diamondback Energy will post an EPS of 18.07 for the current year as a whole.
In more recent news concerning insider trading activity at Diamondback Energy, Chief Operating Officer (COO) Daniel N. Wesson sold 3,000 shares on June 9th at an average price of $132.51 per share for a total value of $397,530. Additionally; CEO Travis D. Stice sold 11,600 shares on June 13th at an average price of $132.13 per share for a total transaction value of $1,532,708.
These insider transactions provide an interesting insight into the sentiments of Diamondback Energy’s top executives. Following the completion of these sales, COO Daniel N. Wesson now owns 65,802 shares of the company’s stock valued at approximately $8,719,423.02 while CEO Travis D. Stice holds 23,400 shares worth around $3,091,842.
Overall, insiders have sold a total of 22,100 shares over the last quarter with a value totaling $2,920,988. As such transactions are required to be disclosed through filings with the SEC and can be accessed on their website for further details.
It is always important to monitor insider trading activity as it can provide valuable insights into the sentiment and outlook of those who play crucial roles within companies. These recent activities involving Jennison Associates LLC and Diamondback Energy underscore a degree of uncertainty surrounding the stock and warrant attention from investors seeking to stay informed about the latest developments influencing this energy company’s prospects in today’s market environment.
Diamondback Energy, Inc.
Updated on: 03/03/2024
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Buy
We did not find social sentiment data for this stock
|Analyst / firm
Diamondback Energy: Institutional Investors Showcase Confidence and Potential for Growth
Diamondback Energy, a prominent oil and natural gas company, has recently seen changes in its stakes from various institutional investors and hedge funds. Armstrong Advisory Group Inc., for instance, purchased shares of Diamondback Energy during the fourth quarter of last year, valuing it at approximately $25,000. Similarly, Raleigh Capital Management Inc. increased its stake in the company by 83.5% during the same period.
The interest from institutional investors and hedge funds reflects their confidence in Diamondback Energy’s potential for growth and profitability. Focused Wealth Management Inc., for example, raised its holdings in the company by 111.8% during the first quarter of this year. This demonstrates a belief that Diamondback Energy is on track to deliver positive returns to its shareholders.
Other investors have also recognized the value of investing in Diamondback Energy. Accel Wealth Management purchased a new stake worth $27,000 in the first quarter, while FinTrust Capital Advisors LLC increased its stake by 232.8% during the fourth quarter.
Currently, 89.21% of Diamondback Energy’s stock is owned by institutional investors, indicating a widespread interest in the company’s future prospects. This level of ownership further solidifies Diamondback Energy’s position as an attractive investment opportunity within the energy sector.
Turning to financial performance, Diamondback Energy’s stock opened at $139.51 on July 13th of this year. Its 50-day moving average stands at $130.13, while the two-hundred day moving average is slightly higher at $136.38.
With a market capitalization of $25.26 billion and a price-to-earnings ratio of 5.78, Diamondback Energy appears to be fairly valued compared to its peers in the industry. Additionally boasting a P/E/G ratio of 0.35 and a beta of 2.02 signifies that there may be further room for growth.
However, it is important to note that the stock has faced some volatility within the past year. Diamondback Energy experienced a fifty-two week low of $103.71 and a high of $168.95.
In recent news, Chief Operating Officer (COO) Daniel N. Wesson sold 3,000 shares of the company’s stock on June 9th for an average price of $132.51, amounting to a total value of $397,530. Following this sale, Wesson now directly owns 65,802 shares valued at approximately $8,719,423.02.
Wesson’s sale was disclosed in a filing with the Securities & Exchange Commission (SEC), which can be accessed through their website. It is worth noting that other insiders have also sold a significant number of shares in the past quarter.
The recent quarterly dividend declaration by Diamondback Energy further underscores its commitment to rewarding shareholders. The dividend payment was made on May 18th to shareholders of record as of May 11th. Shareholders received a dividend of $0.80 per share, translating to an annualized dividend of $3.20 and yielding 2.29%.
Many research analysts have weighed in on Diamondback Energy’s performance and provided their opinion on its outlook. The Goldman Sachs Group raised its price objective from $142 to $163 in April this year and assigned a “buy” rating to the stock.
However, Mizuho lowered their price target from $177 to $174 while StockNews.com upgraded Diamondback Energy from “sell” to “hold.” Stifel Nicolaus also reduced their target price from $180 to $176.
Despite mixed opinions from analysts, the consensus rating for Diamondback Energy remains at “Moderate Buy” according to Bloomberg.com data. The consensus price target is currently estimated at $177.18.
Overall, Diamondback Energy continues to be an intriguing investment opportunity. With a strong presence in the energy industry and the support of institutional investors, the company is well-positioned for future growth. While some volatility should be anticipated, investors may find value in Diamondback Energy’s potential for long-term success.