First National Trust Co Acquires 3,449 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• First National Trust Co increased its stake in Diamondback Energy, Inc. by 26.1%, now owning 16,664 shares valued at approximately $2.66 million.
• Diamondback Energy's recent earnings report exceeded expectations, with a profit of $4.54 per share and revenue of $4.05 billion, reflecting an 81.8% year-over-year increase.
• The company has initiated a quarterly dividend of $1.00 per share, translating to an annualized dividend of $4.00 and a yield of 2.65%.

First National Trust Co raised its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 26.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,664 shares of the oil and natural gas company's stock after acquiring an additional 3,449 shares during the quarter. First National Trust Co's holdings in Diamondback Energy were worth $2,664,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Robeco Institutional Asset Management B.V. increased its holdings in shares of Diamondback Energy by 4.0% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 36,177 shares of the oil and natural gas company's stock valued at $5,784,000 after acquiring an additional 1,384 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in shares of Diamondback Energy by 6.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 58,853 shares of the oil and natural gas company's stock worth $9,409,000 after purchasing an additional 3,467 shares during the period. China Universal Asset Management Co. Ltd. boosted its position in Diamondback Energy by 50.4% in the first quarter. China Universal Asset Management Co. Ltd. now owns 7,149 shares of the oil and natural gas company's stock valued at $1,143,000 after buying an additional 2,397 shares during the last quarter. SevenBridge Financial Group LLC raised its position in Diamondback Energy by 10.8% during the 4th quarter. SevenBridge Financial Group LLC now owns 20,388 shares of the oil and natural gas company's stock worth $3,303,000 after buying an additional 1,990 shares during the last quarter. Finally, Headlands Technologies LLC lifted its holdings in shares of Diamondback Energy by 49.7% in the 4th quarter. Headlands Technologies LLC now owns 9,816 shares of the oil and natural gas company's stock valued at $1,608,000 after buying an additional 3,261 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Trading Up 0.9%

Shares of NASDAQ FANG traded up $1.29 during mid-day trading on Monday, hitting $147.43. 1,325,763 shares of the company traded hands, compared to its average volume of 2,456,891. The business has a 50 day moving average of $142.90 and a two-hundred day moving average of $146.70. The stock has a market capitalization of $43.08 billion, a price-to-earnings ratio of 9.01 and a beta of 1.09. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $202.87. 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 posted its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share for the quarter, topping analysts' consensus estimates of $3.67 by $0.87. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.58 billion. Diamondback Energy had a return on equity of 11.22% and a net margin of 30.84%. The business's quarterly revenue was up 81.8% on a year-over-year basis. During the same period last year, the business earned $4.50 EPS. On average, sell-side analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

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

Insider Transactions at Diamondback Energy

In other news, President Hof Matthew Kaes Van't sold 10,000 shares of the firm's stock in a transaction 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 owned 120,645 shares in the company, valued at approximately $17,214,835.05. This trade represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.48% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FANG. Mizuho reduced their price target 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. Scotiabank reiterated an "outperform" rating on shares of Diamondback Energy in a research report on Friday, July 11th. Bank of America raised 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. KeyCorp reduced their target price on Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Finally, Barclays cut their price objective on Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $191.59.

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.