First National Trust Co Boosts Stock Position in 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 lifted its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 26.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,664 shares of the oil and natural gas company's stock after buying an additional 3,449 shares during the period. First National Trust Co's holdings in Diamondback Energy were worth $2,664,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. BankPlus Trust Department bought a new stake in Diamondback Energy during the first quarter worth $27,000. Pinnacle Bancorp Inc. lifted its holdings in Diamondback Energy by 95.7% during the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after acquiring an additional 88 shares during the period. Grove Bank & Trust lifted its holdings in Diamondback Energy by 65.0% during the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after acquiring an additional 80 shares during the period. WASHINGTON TRUST Co lifted its holdings in Diamondback Energy by 119.8% during the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after acquiring an additional 109 shares during the period. Finally, Fourth Dimension Wealth LLC bought a new stake in Diamondback Energy during the fourth quarter worth $33,000. Hedge funds and other institutional investors own 90.01% of the company's stock.

Insider Buying and Selling

In related news, President Hof Matthew Kaes Van't sold 10,000 shares of the business's stock in a transaction dated 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 $17,214,835.05. The trade was a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.70% of the stock is currently owned by insiders.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG traded down $2.52 during midday trading on Friday, reaching $146.14. 2,830,897 shares of the company traded hands, compared to its average volume of 1,723,121. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $202.87. The firm's fifty day moving average price is $142.90 and its two-hundred day moving average price is $147.15. The company has a quick ratio of 0.83, a current ratio of 0.86 and a debt-to-equity ratio of 0.31. The firm has a market capitalization 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 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 analysts' expectations of $3.58 billion. During the same period in the previous year, the business earned $4.50 earnings per share. The firm's revenue was up 81.8% on a year-over-year basis. On average, equities analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

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

Analyst Ratings Changes

A number of analysts recently commented on FANG shares. JPMorgan Chase & Co. dropped their price target on Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Susquehanna lowered their target price on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a research note on Wednesday, July 23rd. Barclays lowered their target price on Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. UBS Group lowered their target price on Diamondback Energy from $175.00 to $163.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Finally, Citigroup upgraded Diamondback Energy from a "reduce" rating to a "buy" rating and boosted their target price for the company from $157.00 to $180.00 in a research note on Monday, April 7th. Two research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $191.59.

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.