Travis D. Stice, the Chief Executive Officer of Diamondback (NASDAQ:FANG) Energy, Inc. (NASDAQ:FANG), recently sold a portion of his holdings in the company. According to a recent SEC filing, Stice disposed of 3,000 shares of common stock on December 5, 2024. The shares were sold at a weighted average price of $172.512, yielding a total transaction value of $517,536. The sale occurred near the stock's current trading levels, with InvestingPro data showing the company currently trades close to its Fair Value, supported by a P/E ratio of 9.7x.
The sale was conducted through TBS Legacy Investments, Ltd., in which the Stice 2023 Children's Trust holds 100% of the limited partnership units. Following this transaction, Stice maintains ownership of 20,400 shares directly and 435,593 shares indirectly through Stice Investments, Ltd.
This transaction represents a strategic move by Stice, who continues to hold a significant stake in Diamondback Energy. Investors often closely monitor such insider transactions for insights into management's confidence in the company's prospects.
In other recent news, Diamondback Energy has been the center of several key developments. The company announced in its latest earnings call a projected capital expenditure of $4.1 to $4.4 billion for 2025, with a plan to reduce their drilling program to 18 rigs by 2025. The company also plans to explore additional revenue through natural gas and surface acreage.
Analysts from Roth/MKM, Goldman Sachs, and TD Cowen have all maintained a positive stance on the company. Roth/MKM reiterated its Buy rating on Diamondback Energy, attributing this to the company's status as a low-cost producer in the Permian Basin and healthy balance sheet. Goldman Sachs resumed coverage with a Buy rating, citing the company's strategic capital allocation and the recent merger with Endeavor Energy as key factors. TD Cowen also maintained a Buy rating, highlighting ongoing efficiency gains and a strategic plan for reducing medium-term debt.
The company's CEO, Travis Stice, recently sold 3,000 shares of the company's stock, a move that analysts expect may cause a slight negative market reaction. Despite this, Diamondback Energy's focus on cost efficiency and capital returns remains a key factor in the analysts' continued endorsement of the stock. These are recent developments that investors may want to consider.
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