Equitable Trust Co. Buys Shares of 6,730 Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• Equitable Trust Co. has invested approximately $1.08 million in Diamondback Energy, Inc. by acquiring 6,730 shares during the first quarter.
• Diamondback Energy reported earnings of $4.54 per share for the last quarter, significantly beating the consensus estimate of $3.67, with a year-over-year revenue increase of 81.8%.
• The firm has announced a quarterly dividend of $1.00 per share, representing a yield of 2.77%, and has a current payout ratio of 24.46%.

Equitable Trust Co. bought a new position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,730 shares of the oil and natural gas company's stock, valued at approximately $1,076,000.

A number of other large investors have also recently bought and sold shares of FANG. Demars Financial Group LLC acquired a new position in Diamondback Energy in the 4th quarter worth approximately $638,050,000. Alyeska Investment Group L.P. bought a new position in shares of Diamondback Energy during the 4th quarter valued at $185,193,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Diamondback Energy by 11.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company's stock valued at $1,496,859,000 after purchasing an additional 928,429 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Diamondback Energy by 16,197.8% during the 1st quarter. GAMMA Investing LLC now owns 605,625 shares of the oil and natural gas company's stock valued at $96,827,000 after purchasing an additional 601,909 shares in the last quarter. Finally, Artisan Partners Limited Partnership raised its holdings in shares of Diamondback Energy by 33,693.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 457,908 shares of the oil and natural gas company's stock valued at $75,019,000 after purchasing an additional 456,553 shares in the last quarter. Institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Performance

Shares of Diamondback Energy stock traded down $1.67 on Wednesday, reaching $150.83. 559,567 shares of the stock were exchanged, compared to its average volume of 2,456,793. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $203.98. The firm has a market capitalization of $44.07 billion, a price-to-earnings ratio of 9.22 and a beta of 1.05. The business has a 50 day moving average price of $142.15 and a two-hundred day moving average price of $147.54. The company has a quick ratio of 0.83, a current ratio of 0.86 and a debt-to-equity ratio of 0.31.

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

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend was Thursday, May 15th. Diamondback Energy's payout ratio is currently 24.46%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FANG. Royal Bank Of Canada started coverage on shares of Diamondback Energy in a report on Friday, May 2nd. They set an "outperform" rating and a $180.00 price objective on the stock. Evercore ISI initiated coverage on shares of Diamondback Energy in a report on Tuesday, May 6th. They issued an "outperform" rating and a $165.00 price objective on the stock. Truist Financial increased their target price on shares of Diamondback Energy from $238.00 to $242.00 and gave the stock a "buy" rating in a report on Thursday, April 17th. Wells Fargo & Company increased their price objective on shares of Diamondback Energy from $207.00 to $208.00 and gave the stock an "overweight" rating in a research report on Monday, June 16th. Finally, Mizuho decreased their target price on shares of Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Diamondback Energy currently has a consensus rating of "Buy" and an average target price of $191.59.

Insider Transactions at Diamondback Energy

In other news, President Hof Matthew Kaes Van't sold 10,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the completion of the transaction, the president directly owned 120,645 shares in the company, valued at approximately $17,214,835.05. This represents a 7.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.48% of the stock is currently owned by insiders.

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.