Diamondback Energy, Inc. (NASDAQ:FANG) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 7.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 47,375 shares of the oil and natural gas company's stock after buying an additional 3,254 shares during the period. PNC Financial Services Group Inc.'s holdings in Diamondback Energy were worth $7,574,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BankPlus Trust Department purchased a new position in Diamondback Energy in the 1st quarter valued at approximately $27,000. Pinnacle Bancorp Inc. lifted 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 worth $29,000 after purchasing an additional 88 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new stake in shares of Diamondback Energy during the 4th quarter worth $33,000. WASHINGTON TRUST Co lifted 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 last quarter. Finally, Grove Bank & Trust lifted its position in shares of Diamondback Energy by 65.0% during the 1st 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 last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Insider Activity at Diamondback Energy

In other news, President Hof Matthew Kaes Van't sold 10,000 shares of the stock in a transaction that occurred on 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 sale, the president directly owned 120,645 shares in the company, valued at $17,214,835.05. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FANG. Susquehanna decreased their price objective on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a research report on Wednesday, July 23rd. Barclays cut their price target on shares of Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Scotiabank reiterated an "outperform" rating on shares of Diamondback Energy in a research note on Friday, July 11th. Raymond James Financial lifted their price target on shares of Diamondback Energy from $204.00 to $221.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, July 22nd. Finally, Truist Financial lifted their price target on shares of Diamondback Energy from $238.00 to $242.00 and gave the stock a "buy" rating in a research note on Thursday, April 17th. Two equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $191.59.

Diamondback Energy Stock Down 0.9%

FANG stock opened at $144.36 on Thursday. The company has a market cap of $42.18 billion, a P/E ratio of 10.26 and a beta of 1.09. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $202.87. The company's 50-day moving average price is $143.46 and its 200 day moving average price is $146.45. The company has a current ratio of 0.55, a quick ratio of 0.83 and a debt-to-equity ratio of 0.35.

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

Diamondback Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th will be given a $1.00 dividend. The ex-dividend date is Thursday, August 14th. This represents a $4.00 annualized dividend and a dividend yield of 2.8%. Diamondback Energy's dividend payout ratio is currently 24.46%.

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.

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