Argent Trust Co Acquires 3,538 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• Argent Trust Co increased its stake in Diamondback Energy, Inc. by 39.8%, acquiring an additional 3,538 shares, bringing its total to 12,420 shares valued at approximately $1,986,000.
• Diamondback Energy recently reported earnings of $4.54 EPS, exceeding estimates, with revenues reaching $4.05 billion, an increase of 81.8% compared to the previous year.
• The company announced a quarterly dividend of $1.00 per share, translating to an annualized dividend of $4.00 and a dividend yield of 2.7%.

Argent Trust Co grew its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 39.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,420 shares of the oil and natural gas company's stock after purchasing an additional 3,538 shares during the period. Argent Trust Co's holdings in Diamondback Energy were worth $1,986,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. BankPlus Trust Department purchased a new position in Diamondback Energy in the 1st quarter worth approximately $27,000. Pinnacle Bancorp Inc. grew its stake in Diamondback Energy by 95.7% in the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after buying an additional 88 shares in the last quarter. Grove Bank & Trust grew its stake in Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after buying an additional 80 shares in the last quarter. WASHINGTON TRUST Co grew its stake in Diamondback Energy by 119.8% in the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after buying an additional 109 shares in the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new position in Diamondback Energy in the 4th quarter worth approximately $33,000. Institutional investors own 90.01% of the company's stock.

Diamondback Energy Trading Down 1.7%

NASDAQ:FANG opened at $146.14 on Monday. The company has a 50-day moving average price of $142.90 and a 200-day moving average price of $146.70. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $202.87. The company has a current ratio of 0.86, a quick ratio of 0.83 and a debt-to-equity ratio of 0.31. The stock has a market cap of $42.70 billion, a price-to-earnings ratio of 8.94 and a beta of 1.09.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 EPS for the quarter, topping the consensus estimate of $3.67 by $0.87. Diamondback Energy had a net margin of 30.84% and a return on equity of 11.22%. The firm had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $3.58 billion. During the same period last year, the company posted $4.50 EPS. The company's quarterly revenue was up 81.8% compared to the same quarter last year. Equities analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 15th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Thursday, May 15th. Diamondback Energy's dividend payout ratio (DPR) is currently 24.46%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FANG. Royal Bank Of Canada began coverage on shares of Diamondback Energy in a research note on Friday, May 2nd. They issued an "outperform" rating and a $180.00 price target for the company. JPMorgan Chase & Co. cut their price objective on shares of Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. Bank of America upped their price objective on shares of Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Scotiabank reaffirmed an "outperform" rating on shares of Diamondback Energy in a research note on Friday, July 11th. Finally, Truist Financial upped their price objective on shares of Diamondback Energy from $238.00 to $242.00 and gave the company a "buy" rating in a research note on Thursday, April 17th. Two research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $191.59.

Insider Activity at Diamondback Energy

In other news, President Hof Matthew Kaes Van't sold 10,000 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $142.69, for a total value of $1,426,900.00. Following the completion of the sale, the president directly owned 120,645 shares of the company's stock, valued at approximately $17,214,835.05. This trade represents a 7.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.48% of the company's stock.

Diamondback Energy 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.

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