Truist Financial Corp Sells 86 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Truist Financial Corp cut its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 0.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,287 shares of the oil and natural gas company’s stock after selling 86 shares during the period. Truist Financial Corp’s holdings in Diamondback Energy were worth $18,475,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Diamondback Energy by 38.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock worth $1,706,076,000 after acquiring an additional 2,381,488 shares in the last quarter. Boston Partners boosted its position in Diamondback Energy by 235.6% during the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after purchasing an additional 1,916,900 shares during the period. Homestead Advisers Corp bought a new stake in Diamondback Energy during the first quarter worth approximately $87,940,000. Bank of New York Mellon Corp grew its stake in Diamondback Energy by 16.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock valued at $603,038,000 after buying an additional 415,902 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Diamondback Energy by 280.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 545,202 shares of the oil and natural gas company’s stock worth $109,144,000 after acquiring an additional 402,026 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on FANG shares. StockNews.com downgraded Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 6th. Wolfe Research began coverage on shares of Diamondback Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Barclays raised Diamondback Energy from an “equal weight” rating to an “overweight” rating and decreased their target price for the stock from $216.00 to $210.00 in a research report on Wednesday. Susquehanna lowered their price objective on Diamondback Energy from $245.00 to $237.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Finally, Johnson Rice downgraded shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and a consensus price target of $207.68.

Insider Buying and Selling

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now directly owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.48% of the stock is currently owned by corporate insiders.

Diamondback Energy Price Performance

Shares of FANG stock opened at $188.30 on Friday. The stock’s fifty day moving average is $187.52 and its 200-day moving average is $195.20. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66. Diamondback Energy, Inc. has a 52 week low of $143.08 and a 52 week high of $214.50. The stock has a market capitalization of $33.58 billion, a PE ratio of 10.61, a PEG ratio of 1.17 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The firm had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the prior year, the firm earned $3.68 EPS. The company’s revenue was up 29.4% on a year-over-year basis. Equities research analysts expect that Diamondback Energy, Inc. will post 18.97 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were issued a $2.34 dividend. The ex-dividend date was Thursday, August 15th. This represents a dividend yield of 1.9%. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.29%.

Diamondback Energy Company 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.