Patriot Financial Group Insurance Agency LLC Acquires 301 Shares of Diamondback Energy, Inc. $FANG

Patriot Financial Group Insurance Agency LLC raised its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 9.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,456 shares of the oil and natural gas company’s stock after acquiring an additional 301 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Diamondback Energy were worth $475,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FANG. BankPlus Trust Department bought a new position in Diamondback Energy during the first quarter valued at approximately $27,000. Pinnacle Bancorp Inc. grew its position in Diamondback Energy by 95.7% during the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company’s stock valued at $29,000 after acquiring an additional 88 shares during the last quarter. SouthState Corp grew its position in Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after acquiring an additional 167 shares during the last quarter. Grove Bank & Trust grew its position in Diamondback Energy by 65.0% during the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock valued at $32,000 after acquiring an additional 80 shares during the last quarter. Finally, WASHINGTON TRUST Co grew its holdings in shares of Diamondback Energy by 119.8% in the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company’s stock worth $32,000 after purchasing an additional 109 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the transaction, the chairman owned 102,145 shares of the company’s stock, valued at $14,586,306. The trade was a 16.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is currently owned by corporate insiders.

Diamondback Energy Stock Performance

Shares of Diamondback Energy stock opened at $147.47 on Friday. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $42.69 billion, a P/E ratio of 10.48 and a beta of 1.04. The business has a fifty day simple moving average of $142.86 and a two-hundred day simple moving average of $141.52. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $200.47.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.72 by ($0.05). The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.Diamondback Energy’s revenue for the quarter was up 48.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.52 EPS. On average, equities analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy’s payout ratio is currently 28.43%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FANG. Wells Fargo & Company raised their target price on shares of Diamondback Energy from $210.00 to $211.00 and gave the stock an “overweight” rating in a report on Thursday, August 14th. Wall Street Zen cut shares of Diamondback Energy from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. UBS Group raised their target price on shares of Diamondback Energy from $163.00 to $171.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. William Blair began coverage on shares of Diamondback Energy in a report on Monday, August 25th. They issued an “outperform” rating on the stock. Finally, Susquehanna cut their target price on shares of Diamondback Energy from $192.00 to $188.00 and set a “positive” rating on the stock in a report on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $192.41.

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.