Benedict Financial Advisors Inc. Acquires 2,536 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• Benedict Financial Advisors Inc. has increased its holdings in Diamondback Energy by 12.7%, owning 22,436 shares valued at approximately $3.59 million.
• Institutional investors now own 90.01% of Diamondback Energy's stock, with significant contributions from large investors like Teacher Retirement System of Texas and LPL Financial LLC.
• Diamondback Energy reported earnings of $4.54 per share for the last quarter, exceeding analyst expectations, with a revenue increase of 81.8% year-over-year.

Benedict Financial Advisors Inc. grew its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 12.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 22,436 shares of the oil and natural gas company's stock after purchasing an additional 2,536 shares during the quarter. Benedict Financial Advisors Inc.'s holdings in Diamondback Energy were worth $3,587,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. BankPlus Trust Department purchased a new position in shares of Diamondback Energy during the first quarter valued at $27,000. Pinnacle Bancorp Inc. lifted its position in shares of Diamondback Energy by 95.7% in the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after buying an additional 88 shares during the last quarter. Grove Bank & Trust lifted its position in shares of Diamondback Energy by 65.0% in the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after buying an additional 80 shares during the last quarter. WASHINGTON TRUST Co increased its stake 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 period. Finally, Fourth Dimension Wealth LLC bought a new position in shares of Diamondback Energy in the fourth quarter worth about $33,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Evercore ISI began coverage on Diamondback Energy in a research note on Tuesday, May 6th. They issued an "outperform" rating and a $165.00 price objective on the stock. Piper Sandler upped their price objective on Diamondback Energy from $225.00 to $228.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Morgan Stanley reiterated an "overweight" rating on shares of Diamondback Energy in a research note on Tuesday, July 15th. Susquehanna lowered their price objective on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a research note on Wednesday, July 23rd. Finally, Royal Bank Of Canada initiated coverage on Diamondback Energy in a research note on Friday, May 2nd. They issued an "outperform" rating and a $180.00 price objective on the stock. Two investment 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $191.59.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, President Hof Matthew Kaes Van't sold 10,000 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the completion of the sale, the president owned 120,645 shares in the company, valued at approximately $17,214,835.05. The trade was a 7.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.48% of the company's stock.

Diamondback Energy Trading Up 0.1%

NASDAQ:FANG traded up $0.20 during trading hours on Tuesday, hitting $150.72. 834,582 shares of the stock were exchanged, compared to its average volume of 2,456,950. The company's 50 day moving average is $141.87 and its two-hundred day moving average is $147.51. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $203.98. The company has a quick ratio of 0.83, a current ratio of 0.86 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $44.03 billion, a P/E ratio of 9.21 and a beta of 1.05.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.67 by $0.87. The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.58 billion. Diamondback Energy had a return on equity of 11.22% and a net margin of 30.84%. The business's revenue for the quarter was up 81.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.50 EPS. On average, sell-side analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.65%. The ex-dividend date was Thursday, May 15th. Diamondback Energy's payout ratio is 24.46%.

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.