2,043 Shares in Diamondback Energy, Inc. (NASDAQ:FANG) Bought by True North Advisors LLC

Key Points

• True North Advisors LLC acquired 2,043 shares of Diamondback Energy, valued at approximately $327,000, during the 1st quarter of the year.
• Diamondback Energy reported a net income of $2.67 EPS for the last quarter, missing analysts' expectations, but their revenue surpassed estimates at $3.68 billion.
• The company declared a quarterly dividend of $1.00 per share, which will be paid on August 21st, representing an annual yield of 2.8%.

True North Advisors LLC bought a new stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,043 shares of the oil and natural gas company's stock, valued at approximately $327,000.

Several other hedge funds also recently modified their holdings of the company. BankPlus Trust Department acquired a new position in Diamondback Energy during the first quarter valued at approximately $27,000. Pinnacle Bancorp Inc. raised its position in shares of Diamondback Energy by 95.7% during the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock valued at $29,000 after acquiring an additional 88 shares in the last quarter. Grove Bank & Trust boosted its holdings in Diamondback Energy by 65.0% in the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after purchasing an additional 80 shares during the period. WASHINGTON TRUST Co raised its position in shares of Diamondback Energy by 119.8% during the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after purchasing an additional 109 shares during the period. Finally, Fourth Dimension Wealth LLC bought a new position in Diamondback Energy in the 4th quarter worth approximately $33,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FANG shares. Piper Sandler boosted their target price on Diamondback Energy from $225.00 to $228.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Wells Fargo & Company raised their price objective on shares of Diamondback Energy from $207.00 to $208.00 and gave the company an "overweight" rating in a research report on Monday, June 16th. Scotiabank reiterated an "outperform" rating on shares of Diamondback Energy in a research note on Friday, July 11th. Bank of America increased their price target on shares of Diamondback Energy from $165.00 to $170.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Finally, Susquehanna cut their price target on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a report on Wednesday, July 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $191.59.

Diamondback Energy Stock Up 1.2%

Shares of Diamondback Energy stock traded up $1.65 during trading hours on Tuesday, reaching $138.49. 2,581,267 shares of the company's stock were exchanged, compared to its average volume of 2,132,957. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35. The company has a 50 day moving average of $143.66 and a two-hundred day moving average of $145.25. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $200.47. The stock has a market cap of $40.09 billion, a P/E ratio of 9.84 and a beta of 1.09.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing the consensus estimate of $2.72 by ($0.05). The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. Diamondback Energy's revenue for the quarter was up 48.1% compared to the same quarter last year. During the same period in the previous year, the company earned $4.52 earnings per share. On average, sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th will be paid a $1.00 dividend. The ex-dividend date is Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.9%. Diamondback Energy's payout ratio is 28.43%.

Insiders Place Their Bets

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the transaction, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.48% of the stock is owned by company 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.