Truist Financial Corp Increases Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Truist Financial Corp increased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 8.3% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 581,472 shares of the oil and natural gas company's stock after purchasing an additional 44,663 shares during the period. Truist Financial Corp owned 0.20% of Diamondback Energy worth $95,263,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FANG. R Squared Ltd bought a new position in Diamondback Energy in the 4th quarter worth about $29,000. UMB Bank n.a. increased its stake in Diamondback Energy by 247.3% in the 4th quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company's stock worth $31,000 after acquiring an additional 136 shares during the last quarter. Values First Advisors Inc. bought a new position in Diamondback Energy in the 3rd quarter worth about $42,000. Ashton Thomas Securities LLC bought a new position in Diamondback Energy in the 3rd quarter worth about $52,000. Finally, Synergy Asset Management LLC bought a new position in Diamondback Energy in the 4th quarter worth about $67,000. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Trading Up 1.1 %

NASDAQ FANG traded up $1.83 during trading hours on Thursday, hitting $162.09. 2,351,183 shares of the company were exchanged, compared to its average volume of 2,032,160. The stock has a 50-day moving average price of $165.74 and a 200 day moving average price of $177.07. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 52 week low of $152.00 and a 52 week high of $214.50. The stock has a market cap of $47.33 billion, a PE ratio of 9.28, a price-to-earnings-growth ratio of 1.21 and a beta of 1.86.

Analyst Ratings Changes

FANG has been the topic of several recent research reports. Wells Fargo & Company increased their price objective on Diamondback Energy from $218.00 to $219.00 and gave the company an "overweight" rating in a research report on Tuesday, December 17th. Piper Sandler reduced their price objective on Diamondback Energy from $252.00 to $232.00 and set an "overweight" rating on the stock in a research report on Tuesday, December 17th. StockNews.com upgraded Diamondback Energy from a "sell" rating to a "hold" rating in a research report on Wednesday, November 13th. UBS Group increased their price objective on Diamondback Energy from $212.00 to $216.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Finally, Morgan Stanley raised their price target on Diamondback Energy from $220.00 to $227.00 and gave the stock an "overweight" rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Diamondback Energy currently has an average rating of "Moderate Buy" and an average target price of $216.52.

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.