First National Trust Co Takes $2.17 Million Position in Diamondback Energy, Inc. (NASDAQ:FANG)

First National Trust Co purchased a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 13,215 shares of the oil and natural gas company's stock, valued at approximately $2,165,000.

Several other institutional investors and hedge funds have also modified their holdings of FANG. State Street Corp lifted its stake in shares of Diamondback Energy by 1.3% in the 3rd quarter. State Street Corp now owns 11,858,555 shares of the oil and natural gas company's stock valued at $2,044,415,000 after purchasing an additional 149,871 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Diamondback Energy by 6.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,618,560 shares of the oil and natural gas company's stock valued at $793,611,000 after purchasing an additional 266,299 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Diamondback Energy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company's stock valued at $682,036,000 after purchasing an additional 502,916 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its stake in shares of Diamondback Energy by 30.5% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 2,817,554 shares of the oil and natural gas company's stock valued at $461,600,000 after purchasing an additional 658,644 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its stake in shares of Diamondback Energy by 9.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,704,520 shares of the oil and natural gas company's stock valued at $466,259,000 after purchasing an additional 230,689 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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Diamondback Energy Price Performance

NASDAQ FANG traded up $2.60 on Wednesday, reaching $157.60. The company's stock had a trading volume of 2,973,807 shares, compared to its average volume of 1,842,395. The firm has a market cap of $45.62 billion, a PE ratio of 9.02, a price-to-earnings-growth ratio of 1.24 and a beta of 1.85. The business has a 50-day moving average price of $161.32 and a 200 day moving average price of $170.94. Diamondback Energy, Inc. has a 52 week low of $137.09 and a 52 week high of $214.50. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, beating analysts' consensus estimates of $3.57 by $0.07. The business had revenue of $3.71 billion for the quarter, compared to analysts' expectations of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. Sell-side analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.54%. This is a boost from Diamondback Energy's previous quarterly dividend of $0.90. The ex-dividend date was Thursday, March 6th. Diamondback Energy's dividend payout ratio is currently 25.32%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FANG. Truist Financial lifted their price objective on shares of Diamondback Energy from $236.00 to $238.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. cut their target price on shares of Diamondback Energy from $212.00 to $167.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Citigroup cut their target price on shares of Diamondback Energy from $195.00 to $157.00 and set a "neutral" rating for the company in a research report on Monday. Morgan Stanley boosted their target price on shares of Diamondback Energy from $220.00 to $227.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Finally, Raymond James cut their target price on shares of Diamondback Energy from $245.00 to $214.00 and set a "strong-buy" rating for the company in a research report on Wednesday, March 12th. Four analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy currently has a consensus rating of "Moderate Buy" and an average target price of $209.92.

Insiders Place Their Bets

In other news, Director Frank D. Tsuru acquired 2,000 shares of the firm's stock in a transaction on Friday, February 28th. The shares were purchased at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the purchase, the director now owns 5,730 shares of the company's stock, valued at $896,802.30. This represents a 53.62 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.48% 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.