Diamondback Energy, Inc. $FANG Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Diamondback Energy stake by 4.5% in the first quarter, acquiring 59,023 additional shares and bringing its holdings to 1.37 million shares valued at approximately $270.6 million.
• Diamondback reported strong quarterly results, with adjusted EPS of $6.48 and revenue of $5.56 billion, beating estimates; revenue increased 51.2% year over year. The company also raised its 2026 production outlook without increasing capital spending.
• Analysts maintain a broadly positive view, with a consensus “Buy” rating and a $218.63 price target, though the stock’s high valuation and reliance on elevated oil prices remain key risks. Insiders sold more than $21.6 million of shares over the past 90 days.

Bank of America Corp DE grew its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 4.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,368,069 shares of the oil and natural gas company's stock after acquiring an additional 59,023 shares during the quarter. Bank of America Corp DE owned approximately 0.49% of Diamondback Energy worth $270,590,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cedar Mountain Advisors LLC bought a new stake in Diamondback Energy during the first quarter valued at $26,000. Flagship Harbor Advisors LLC bought a new position in shares of Diamondback Energy in the 4th quarter worth about $25,000. Laurel Wealth Advisors LLC bought a new position in shares of Diamondback Energy in the 4th quarter worth about $26,000. Richardson Financial Services Inc. boosted its holdings in shares of Diamondback Energy by 245.1% in the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company's stock valued at $26,000 after buying an additional 125 shares during the period. Finally, JPL Wealth Management LLC acquired a new position in shares of Diamondback Energy in the 3rd quarter valued at about $26,000. 90.01% of the stock is owned by institutional investors and hedge funds.

More Diamondback Energy News

Here are the key news stories impacting Diamondback Energy this week:

• Positive Sentiment: Diamondback reported adjusted earnings of $6.48 per share, exceeding estimates ranging from $5.96 to $6.08 and more than doubling the $2.67 recorded a year earlier. Revenue rose 51.2% year over year to $5.56 billion, also beating Wall Street expectations. Diamondback Energy Q2 Earnings and Revenues Beat Estimates
• Positive Sentiment: The company raised its 2026 production outlook without increasing capital spending, a combination that could support stronger operating leverage and free cash flow. William Blair analyst Neal Dingmann reiterated a Buy rating, citing the higher production forecast and cash-generation potential. Diamondback Energy Buy Rating
• Positive Sentiment: Management attributed the earnings improvement partly to higher oil prices, while the company’s quarterly financial and operating release provided additional detail on production and results. Diamondback Second-Quarter 2026 Results
• Neutral Sentiment: Despite the earnings and guidance beats, the stock’s valuation remains a consideration, with a reported price-to-earnings ratio above 230. Investors may also be taking profits after the shares approached their 12-month high.
• Negative Sentiment: The results benefited from elevated oil prices, including a geopolitical premium tied to the Iran conflict. Any decline in crude prices or easing of geopolitical risk could reduce earnings expectations and pressure FANG’s outlook.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FANG. Sanford C. Bernstein increased their price objective on shares of Diamondback Energy from $237.00 to $241.00 and gave the stock an "outperform" rating in a research note on Monday, May 11th. Wall Street Zen upgraded Diamondback Energy from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Truist Financial lowered their target price on Diamondback Energy from $242.00 to $220.00 and set a "buy" rating for the company in a report on Thursday, July 16th. Zacks Research cut Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 28th. Finally, Scotiabank raised their price target on Diamondback Energy from $175.00 to $195.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 22nd. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, Diamondback Energy presently has a consensus rating of "Buy" and a consensus price target of $218.63.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $198.75 on Tuesday. The firm's 50 day moving average is $190.75 and its two-hundred day moving average is $184.98. The firm has a market capitalization of $55.91 billion, a P/E ratio of 231.11 and a beta of 0.42. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 52 week low of $134.30 and a 52 week high of $214.51.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.08 by $0.40. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The business had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $4.89 billion. During the same period in the previous year, the firm posted $2.38 earnings per share. The business's revenue was up 51.2% on a year-over-year basis. Analysts anticipate that Diamondback Energy, Inc. will post 18.9 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Matt Zmigrosky sold 5,000 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the transaction, the executive vice president owned 46,392 shares of the company's stock, valued at approximately $9,303,451.68. This represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Teresa L. Dick sold 7,000 shares of the firm's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total value of $1,406,300.00. Following the transaction, the chief accounting officer directly owned 85,755 shares in the company, valued at $17,228,179.50. This trade represents a 7.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 113,691 shares of company stock worth $21,622,752 over the last 90 days. Insiders own 0.64% of the company's stock.

About Diamondback Energy

Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

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