10 Large-Cap Stocks Insiders Are Buying Recently

6. Diamondback Energy, Inc. (NASDAQ:FANG)

Number of Recent Insider Purchases: 2

Market Cap: $50.222 billion

Diamondback is an oil and gas exploration and production giant. What sets it apart from other competing companies is its strong presence in the Permian Basin (West Texas), which is considered one of the most prolific oil-producing regions in the world. The company’s low-cost structure in this region allows it to have an advantage and remain afloat in a fluctuating oil price environment.

For the three months ended Sept. 30, 2024, Diamondback reported total revenue of $2.65 billion, compared to $2.34 billion in the same period of 2023. Adjusted free cash flow for the period was $1.0 billion, which compares to $884 million in the same quarter of the prior year.

The company made an important strategic move in Sept. 2024, when it completed its $26 billion merger with Endeavor Energy Resources. The newly combined company was projected to produce more than 816,000 barrels of oil equivalent (BOE) per day. This large-cap stock that insiders have been buying recently is also one of the 12 Hot Oil Stocks to Buy According to Hedge Funds.

Over the last 12 months, Diamondback Energy shares gained 10.81%, reaching $171.60 per share.