Truist Financial Corp Buys 4,269 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Truist Financial Corp boosted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 5.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 78,868 shares of the oil and natural gas company’s stock after acquiring an additional 4,269 shares during the quarter. Truist Financial Corp’s holdings in Diamondback Energy were worth $12,231,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Kovack Advisors Inc. boosted its stake in shares of Diamondback Energy by 0.7% in the 4th quarter. Kovack Advisors Inc. now owns 14,988 shares of the oil and natural gas company’s stock valued at $2,324,000 after purchasing an additional 108 shares during the last quarter. Bryn Mawr Capital Management LLC bought a new stake in shares of Diamondback Energy in the 4th quarter valued at $295,000. Syon Capital LLC bought a new stake in shares of Diamondback Energy in the 4th quarter valued at $224,000. Yacktman Asset Management LP boosted its stake in shares of Diamondback Energy by 4.5% in the 4th quarter. Yacktman Asset Management LP now owns 1,520,447 shares of the oil and natural gas company’s stock valued at $235,791,000 after purchasing an additional 65,524 shares during the last quarter. Finally, Magnolia Capital Advisors LLC boosted its stake in shares of Diamondback Energy by 65.8% in the 4th quarter. Magnolia Capital Advisors LLC now owns 5,315 shares of the oil and natural gas company’s stock valued at $834,000 after purchasing an additional 2,110 shares during the last quarter. 90.01% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Diamondback Energy news, CFO Hof Matthew Kaes Van’t sold 12,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $190.82, for a total transaction of $2,289,840.00. Following the completion of the transaction, the chief financial officer now owns 185,882 shares in the company, valued at $35,470,003.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Jere W. Thompson III sold 2,675 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $192.35, for a total value of $514,536.25. Following the sale, the vice president now directly owns 8,485 shares of the company’s stock, valued at $1,632,089.75. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Hof Matthew Kaes Van’t sold 12,000 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $190.82, for a total transaction of $2,289,840.00. Following the completion of the sale, the chief financial officer now directly owns 185,882 shares in the company, valued at $35,470,003.24. The disclosure for this sale can be found here. Insiders sold 57,675 shares of company stock worth $11,311,096 over the last quarter. 0.43% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FANG. Susquehanna boosted their target price on shares of Diamondback Energy from $212.00 to $245.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Piper Sandler boosted their target price on shares of Diamondback Energy from $227.00 to $247.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Raymond James lowered their price objective on shares of Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 24th. Barclays initiated coverage on shares of Diamondback Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $214.00 price objective on the stock. Finally, Evercore ISI upped their price objective on shares of Diamondback Energy from $185.00 to $215.00 and gave the stock an “outperform” rating in a report on Monday, March 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $202.53.

Diamondback Energy Price Performance

FANG opened at $196.01 on Thursday. The firm has a market cap of $34.96 billion, a P/E ratio of 11.30 and a beta of 1.93. The firm has a 50-day moving average of $194.57 and a 200 day moving average of $170.39. 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 fifty-two week low of $123.41 and a fifty-two week high of $211.96.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share for the quarter, topping analysts’ consensus estimates of $4.29 by $0.21. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.10 billion. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The company’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the business earned $4.10 earnings per share. On average, research analysts expect that Diamondback Energy, Inc. will post 18.83 EPS for the current year.

Diamondback Energy Cuts Dividend

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

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.