Wesbanco Bank Inc. Has $11.42 Million Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Wesbanco Bank Inc. increased its holdings in Diamondback Energy, Inc. by 2.5%, owning 83,105 shares valued at approximately $11.42 million as of its latest SEC filing.
• Diamondback Energy's stock recently reported a quarterly earnings per share of $2.67, which missed analysts' expectations, but its revenue of $3.68 billion exceeded projections.
• The company announced a quarterly dividend of $1.00 per share, with a current annualized yield of 2.9% and a payout ratio of 28.43%.

Wesbanco Bank Inc. increased its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 2.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 83,105 shares of the oil and natural gas company's stock after purchasing an additional 1,988 shares during the period. Wesbanco Bank Inc.'s holdings in Diamondback Energy were worth $11,419,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FANG. BankPlus Trust Department acquired a new position in Diamondback Energy in the 1st quarter worth $27,000. Pinnacle Bancorp Inc. boosted its stake in Diamondback Energy by 95.7% in the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after purchasing an additional 88 shares during the period. SouthState Corp boosted its stake in Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock worth $31,000 after purchasing an additional 167 shares during the period. Grove Bank & Trust boosted its stake in Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after purchasing an additional 80 shares during the period. Finally, WASHINGTON TRUST Co boosted its stake in Diamondback Energy by 119.8% in the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after purchasing an additional 109 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Stock Down 1.1%

Shares of FANG stock opened at $136.88 on Friday. 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 firm's 50-day moving average is $142.68 and its 200-day moving average is $142.15. The stock has a market cap of $39.63 billion, a price-to-earnings ratio of 9.73 and a beta of 1.14. 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 issued its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). The firm had revenue of $3.68 billion during 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 firm's revenue for the quarter was up 48.1% compared to the same quarter last year. During the same period in the previous year, the company posted $4.52 earnings per share. Sell-side analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy's dividend payout ratio is presently 28.43%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on FANG shares. UBS Group upped their target price on shares of Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. KeyCorp reduced their price objective on shares of Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating for the company in a research note on Wednesday, September 3rd. Morgan Stanley increased their price objective on shares of Diamondback Energy from $184.00 to $186.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Scotiabank restated an "outperform" rating on shares of Diamondback Energy in a research note on Friday, July 11th. Finally, Piper Sandler reduced their price objective on shares of Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $193.17.

Insider Activity

In other news, Chairman Travis D. Stice sold 20,400 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the sale, the chairman directly owned 102,145 shares of the company's stock, valued at approximately $14,586,306. This represents a 16.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.70% of the company's stock.

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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