Diamondback Energy, Inc. (NASDAQ:FANG) Position Boosted by Wesbanco Bank Inc.

Wesbanco Bank Inc. lifted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 6.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,755 shares of the oil and natural gas company’s stock after purchasing an additional 4,543 shares during the period. Wesbanco Bank Inc.’s holdings in Diamondback Energy were worth $13,060,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Founders Capital Management increased its holdings in shares of Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after buying an additional 101 shares in the last quarter. First Community Trust NA acquired a new stake in shares of Diamondback Energy during the second quarter worth $26,000. Carolinas Wealth Consulting LLC lifted its holdings in shares of Diamondback Energy by 67.1% during the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after purchasing an additional 55 shares during the last quarter. HHM Wealth Advisors LLC purchased a new position in Diamondback Energy in the 2nd quarter worth about $40,000. Finally, Oliver Lagore Vanvalin Investment Group raised its holdings in Diamondback Energy by 109.7% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 260 shares of the oil and natural gas company’s stock worth $52,000 after buying an additional 136 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Stock Down 2.2 %

Shares of NASDAQ FANG opened at $190.70 on Tuesday. Diamondback Energy, Inc. has a 12-month low of $145.70 and a 12-month high of $214.50. The firm’s 50-day simple moving average is $187.31 and its 200 day simple moving average is $195.21. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The company has a market cap of $34.01 billion, a price-to-earnings ratio of 10.75, a price-to-earnings-growth ratio of 1.22 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the prior year, the business earned $3.68 EPS. The business’s revenue for the quarter was up 29.4% compared to the same quarter last year. On average, research analysts expect that Diamondback Energy, Inc. will post 19.08 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were paid a $2.34 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a dividend yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio is 20.29%.

Analyst Ratings Changes

FANG has been the subject of several recent analyst reports. Citigroup started coverage on shares of Diamondback Energy in a report on Monday. They issued a “neutral” rating and a $195.00 target price for the company. Piper Sandler reduced their target price on Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Susquehanna reduced their price objective on Diamondback Energy from $245.00 to $237.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. KeyCorp started coverage on Diamondback Energy in a research note on Thursday, June 27th. They set an “overweight” rating and a $225.00 target price on the stock. Finally, Evercore ISI cut their target price on shares of Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $209.73.

Insider Transactions at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.48% of the stock is owned by corporate insiders.

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.