Hilltop National Bank Makes New $361,000 Investment in Diamondback Energy, Inc. $FANG

Key Points

• Hilltop National Bank invested approximately $361,000 in Diamondback Energy, Inc. (FANG) by acquiring 2,628 shares during the second quarter, as reported in their recent SEC filing.
• Analysts have issued varied ratings on Diamondback Energy, with a consensus rating of "Buy" and a price target of $192.41, indicating expectations of growth.
• A recent quarterly dividend of $1.00 per share was announced, providing shareholders with a yield of 2.7%, following a strong revenue performance despite a slight earnings miss.

Hilltop National Bank bought a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,628 shares of the oil and natural gas company's stock, valued at approximately $361,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FANG. BankPlus Trust Department bought a new stake in Diamondback Energy during the 1st quarter worth approximately $27,000. Pinnacle Bancorp Inc. raised its position in shares of 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 valued at $29,000 after buying an additional 88 shares during the last quarter. SouthState Corp raised its position in shares of Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after buying an additional 167 shares during the last quarter. Grove Bank & Trust raised its position in shares of 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 valued at $32,000 after buying an additional 80 shares during the last quarter. Finally, WASHINGTON TRUST Co raised its position in shares of 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 valued at $32,000 after buying an additional 109 shares during the last quarter. Institutional investors own 90.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FANG. UBS Group lifted their price objective on shares of Diamondback Energy from $163.00 to $171.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Morgan Stanley lifted their price objective on shares of Diamondback Energy from $184.00 to $186.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Scotiabank reiterated an "outperform" rating on shares of Diamondback Energy in a research report on Friday, July 11th. Wall Street Zen cut shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Finally, Piper Sandler cut their target price on shares of Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Diamondback Energy presently has a consensus rating of "Buy" and a consensus price target of $192.41.

Insider Buying and Selling

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the transaction, the chairman directly owned 102,145 shares of the company's stock, valued at $14,586,306. The trade was a 16.65% 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 owned by insiders.

Diamondback Energy Stock Up 3.0%

NASDAQ FANG opened at $147.47 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The company has a fifty day moving average of $142.86 and a two-hundred day moving average of $141.64. The firm has a market capitalization of $42.69 billion, a price-to-earnings ratio of 10.48 and a beta of 1.04. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $200.47.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The firm's quarterly revenue was up 48.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.52 earnings per share. On average, analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy's payout ratio is presently 28.43%.

About Diamondback Energy

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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