Wesbanco Bank Inc. Sells 3,648 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Wesbanco Bank Inc. lessened its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 4.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,117 shares of the oil and natural gas company's stock after selling 3,648 shares during the quarter. Wesbanco Bank Inc.'s holdings in Diamondback Energy were worth $12,969,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Wintrust Investments LLC acquired a new stake in shares of Diamondback Energy in the fourth quarter valued at approximately $28,000. Fourth Dimension Wealth LLC bought a new position in Diamondback Energy in the 4th quarter valued at $33,000. Key Financial Inc increased its stake in shares of Diamondback Energy by 940.0% in the 4th quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company's stock valued at $34,000 after buying an additional 188 shares during the period. Ancora Advisors LLC increased its stake in shares of Diamondback Energy by 182.9% in the 4th quarter. Ancora Advisors LLC now owns 232 shares of the oil and natural gas company's stock valued at $38,000 after buying an additional 150 shares during the period. Finally, Transce3nd LLC bought a new stake in shares of Diamondback Energy during the fourth quarter worth $38,000. 90.01% of the stock is owned by institutional investors.

Insider Activity

In other news, President Hof Matthew Kaes Van't sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were 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 now directly owns 120,645 shares of the company's stock, valued at $17,214,835.05. This trade represents a 7.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.70% of the company's stock.

Analysts Set New Price Targets

FANG has been the subject of a number of research reports. Piper Sandler lowered their price objective on Diamondback Energy from $234.00 to $225.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Raymond James reaffirmed a "strong-buy" rating on shares of Diamondback Energy in a research note on Thursday, May 22nd. KeyCorp dropped their price target on shares of Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Bank of America increased their price objective on shares of Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Finally, Williams Trading set a $190.00 target price on shares of Diamondback Energy in a report on Wednesday, March 5th. Two research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Diamondback Energy currently has a consensus rating of "Buy" and a consensus target price of $193.09.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $140.56 on Monday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $214.50. The company's 50 day moving average price is $135.58 and its two-hundred day moving average price is $153.40. The company has a market capitalization of $41.07 billion, a P/E ratio of 8.05, a price-to-earnings-growth ratio of 1.24 and a beta of 1.06.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.67 by $0.87. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.58 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm's revenue was up 81.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.50 earnings per share. On average, analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.85%. The ex-dividend date was Thursday, May 15th. Diamondback Energy's dividend payout ratio is 24.46%.

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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