Truist Financial Corp Acquires 117,279 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Truist Financial Corp lifted its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 20.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 698,751 shares of the oil and natural gas company's stock after buying an additional 117,279 shares during the quarter. Truist Financial Corp owned about 0.24% of Diamondback Energy worth $111,716,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in FANG. Brookstone Capital Management bought a new stake in Diamondback Energy during the first quarter worth approximately $2,114,000. Catalyst Capital Advisors LLC boosted its position in Diamondback Energy by 60.9% during the first quarter. Catalyst Capital Advisors LLC now owns 222 shares of the oil and natural gas company's stock worth $35,000 after purchasing an additional 84 shares during the period. Global Wealth Management Investment Advisory Inc. boosted its position in Diamondback Energy by 36.5% during the first quarter. Global Wealth Management Investment Advisory Inc. now owns 22,468 shares of the oil and natural gas company's stock worth $3,592,000 after purchasing an additional 6,009 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its position in Diamondback Energy by 22.2% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,094 shares of the oil and natural gas company's stock worth $175,000 after purchasing an additional 199 shares during the period. Finally, IFM Investors Pty Ltd boosted its position in Diamondback Energy by 7.9% during the first quarter. IFM Investors Pty Ltd now owns 45,603 shares of the oil and natural gas company's stock worth $7,862,000 after purchasing an additional 3,357 shares during the period. Institutional investors own 90.01% of the company's stock.

Diamondback Energy Price Performance

NASDAQ:FANG traded down $1.22 during trading hours on Friday, reaching $140.75. The company had a trading volume of 1,199,623 shares, compared to its average volume of 2,283,012. The stock has a 50-day moving average of $140.42 and a two-hundred day moving average of $150.00. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $214.50. The firm has a market capitalization of $41.12 billion, a PE ratio of 8.61 and a beta of 1.05. 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 quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share for the quarter, beating analysts' consensus estimates of $3.67 by $0.87. Diamondback Energy had a return on equity of 11.22% and a net margin of 30.84%. The firm had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $3.58 billion. During the same period in the prior year, the business posted $4.50 earnings per share. The business's revenue was up 81.8% compared to the same quarter last year. Analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend was Thursday, May 15th. Diamondback Energy's dividend payout ratio (DPR) is 24.46%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FANG. UBS Group decreased their target price on Diamondback Energy from $175.00 to $163.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Barclays cut their price target on Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Piper Sandler cut their price target on Diamondback Energy from $234.00 to $225.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. KeyCorp cut their price target on Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, Raymond James Financial reiterated a "strong-buy" rating on shares of Diamondback Energy in a report on Thursday, May 22nd. Two research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $193.13.

Insiders Place Their Bets

In other Diamondback Energy news, President Hof Matthew Kaes Van't sold 10,000 shares of the company's stock in a transaction on Monday, May 12th. The stock was 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.70% of the stock is owned by company insiders.

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.