Truist Financial Corp Raises Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Truist Financial Corp lifted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 5.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 78,868 shares of the oil and natural gas company’s stock after acquiring an additional 4,269 shares during the period. Truist Financial Corp’s holdings in Diamondback Energy were worth $12,231,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of FANG. SVB Wealth LLC grew its stake in shares of Diamondback Energy by 40.3% during the third quarter. SVB Wealth LLC now owns 2,906 shares of the oil and natural gas company’s stock worth $450,000 after acquiring an additional 834 shares during the last quarter. 1834 Investment Advisors Co. acquired a new stake in shares of Diamondback Energy during the third quarter worth about $416,000. J.W. Cole Advisors Inc. lifted its holdings in shares of Diamondback Energy by 17.8% during the third quarter. J.W. Cole Advisors Inc. now owns 2,714 shares of the oil and natural gas company’s stock worth $420,000 after purchasing an additional 411 shares during the period. NorthRock Partners LLC acquired a new stake in shares of Diamondback Energy during the third quarter worth about $224,000. Finally, Brown Advisory Inc. acquired a new stake in shares of Diamondback Energy during the third quarter worth about $215,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Down 2.5 %

Shares of FANG opened at $196.01 on Thursday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.74 and a current ratio of 0.77. Diamondback Energy, Inc. has a one year low of $123.41 and a one year high of $211.96. The stock has a market capitalization of $34.96 billion, a price-to-earnings ratio of 11.30 and a beta of 1.93. The stock has a 50 day moving average price of $194.57 and a 200 day moving average price of $170.39.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results 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. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.10 billion. During the same period in the previous year, the business earned $4.10 earnings per share. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. Equities research analysts forecast that Diamondback Energy, Inc. will post 18.83 earnings per share for the current fiscal year.

Diamondback Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.84%. Diamondback Energy’s payout ratio is currently 20.76%.

Wall Street Analyst Weigh In

A number of research firms recently commented on FANG. Raymond James decreased their target price on Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Susquehanna boosted their price target on Diamondback Energy from $212.00 to $245.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Morgan Stanley decreased their price target on Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, April 15th. Bank of America raised Diamondback Energy from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $129.00 to $170.00 in a report on Monday, February 12th. Finally, Bank Of America (Bofa) decreased their price target on Diamondback Energy from $147.00 to $129.00 and set an “underperform” rating for the company in a report on Thursday, January 18th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.53.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total value of $384,000.00. Following the completion of the sale, the chief accounting officer now directly owns 96,523 shares in the company, valued at approximately $18,532,416. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Diamondback Energy news, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total value of $384,000.00. Following the completion of the sale, the chief accounting officer now directly owns 96,523 shares in the company, valued at approximately $18,532,416. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Jere W. Thompson III sold 2,675 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $192.35, for a total value of $514,536.25. Following the completion of the sale, the vice president now owns 8,485 shares of the company’s stock, valued at $1,632,089.75. The disclosure for this sale can be found here. Insiders sold a total of 57,675 shares of company stock worth $11,311,096 in the last three months. 0.43% of the stock is owned by corporate insiders.

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.