Truist Financial Corp Sells 480,567 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Truist Financial Corp significantly reduced its stake in Diamondback Energy, Inc. by 68.8%, selling 480,567 shares and now holding approximately 218,184 shares valued at about $29.98 million.
• Diamondback Energy recently declared a quarterly dividend of $1.00 per share, representing an annualized dividend of $4.00 and a yield of 2.8%.
• Despite lower earnings per share of $2.67 for the latest quarter, Diamondback Energy's revenue increased by 48.1% year-over-year, reaching $3.68 billion, surpassing analyst expectations.

Truist Financial Corp reduced its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 68.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 218,184 shares of the oil and natural gas company's stock after selling 480,567 shares during the period. Truist Financial Corp owned approximately 0.07% of Diamondback Energy worth $29,978,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Boston Partners lifted its stake in Diamondback Energy by 4.8% during the first quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company's stock worth $861,961,000 after purchasing an additional 249,098 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Diamondback Energy by 2.3% during the 1st quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company's stock valued at $680,649,000 after buying an additional 94,177 shares in the last quarter. Demars Financial Group LLC lifted its position in Diamondback Energy by 5.3% in the 1st quarter. Demars Financial Group LLC now owns 4,102,785 shares of the oil and natural gas company's stock worth $655,953,000 after buying an additional 208,200 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its stake in Diamondback Energy by 4.1% in the first quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company's stock worth $468,846,000 after buying an additional 114,930 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in Diamondback Energy by 27.3% in the first quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company's stock worth $311,792,000 after buying an additional 418,431 shares in the last quarter. Institutional investors own 90.01% of the company's stock.

Insider Transactions at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction dated 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 sale, the chairman 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 legal filing with the SEC, which is available at this link. 0.70% of the stock is currently owned by company insiders.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $143.19 on Friday. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $200.47. The stock's 50 day simple moving average is $142.80 and its two-hundred day simple moving average is $141.69. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The stock has a market cap of $41.45 billion, a price-to-earnings ratio of 10.18 and a beta of 1.04.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share 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 the consensus estimate of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The company's revenue for the quarter was up 48.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.52 earnings per share. As a group, analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's dividend payout ratio (DPR) is presently 28.43%.

Wall Street Analyst Weigh In

FANG has been the subject of a number of recent research reports. Melius Research initiated coverage on shares of Diamondback Energy in a report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective for the company. Wells Fargo & Company boosted their price target on shares of Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. William Blair assumed coverage on Diamondback Energy in a research note on Monday, August 25th. They set an "outperform" rating on the stock. UBS Group lifted their price objective on Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Finally, Scotiabank restated an "outperform" rating on shares of Diamondback Energy in a report on Friday, July 11th. Two research analysts have rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $193.39.

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.

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