Patriot Financial Group Insurance Agency LLC Purchases 8,411 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Patriot Financial Group Insurance Agency LLC boosted its stake in Diamondback Energy by 417.8% in the first quarter, buying 8,411 additional shares and bringing its total holding to 10,424 shares worth about $2.06 million.
• Diamondback Energy reported strong quarterly results, with EPS of $4.23 beating estimates and revenue of $4.24 billion topping expectations, while quarterly revenue rose 4.7% year over year.
• The company raised its dividend to $1.10 per share from $1.05, and analysts remain broadly positive with a consensus Buy rating and an average price target of $221.37.

Patriot Financial Group Insurance Agency LLC increased its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 417.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,424 shares of the oil and natural gas company's stock after purchasing an additional 8,411 shares during the period. Patriot Financial Group Insurance Agency LLC's holdings in Diamondback Energy were worth $2,062,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Deseret Mutual Benefit Administrators grew its holdings in shares of Diamondback Energy by 31.7% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 274 shares of the oil and natural gas company's stock worth $41,000 after purchasing an additional 66 shares during the last quarter. Scotia Capital Inc. lifted its holdings in Diamondback Energy by 0.3% during the 3rd quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company's stock valued at $2,822,000 after buying an additional 68 shares in the last quarter. Townsend & Associates Inc lifted its holdings in Diamondback Energy by 0.5% during the 4th quarter. Townsend & Associates Inc now owns 14,330 shares of the oil and natural gas company's stock valued at $2,161,000 after buying an additional 75 shares in the last quarter. 180 Wealth Advisors LLC lifted its holdings in Diamondback Energy by 2.9% during the 4th quarter. 180 Wealth Advisors LLC now owns 2,725 shares of the oil and natural gas company's stock valued at $410,000 after buying an additional 78 shares in the last quarter. Finally, Fulton Bank N.A. boosted its position in Diamondback Energy by 1.8% in the 4th quarter. Fulton Bank N.A. now owns 4,400 shares of the oil and natural gas company's stock valued at $661,000 after buying an additional 78 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $179.91 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55. The stock has a market cap of $50.61 billion, a price-to-earnings ratio of 209.20 and a beta of 0.42. The firm's 50-day moving average is $194.75 and its two-hundred day moving average is $177.73. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $214.51.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, beating the consensus estimate of $3.74 by $0.49. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The business had revenue of $4.24 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the previous year, the business posted $4.54 EPS. The company's quarterly revenue was up 4.7% compared to the same quarter last year. As a group, research analysts expect that Diamondback Energy, Inc. will post 19.92 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were issued a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, May 14th. This is a positive change from Diamondback Energy's previous quarterly dividend of $1.05. This represents a $4.40 annualized dividend and a yield of 2.4%. Diamondback Energy's dividend payout ratio is 511.63%.

Analysts Set New Price Targets

A number of brokerages have commented on FANG. Sanford C. Bernstein upped their target price on shares of Diamondback Energy from $237.00 to $241.00 and gave the stock an "outperform" rating in a research note on Monday, May 11th. Wells Fargo & Company set a $212.00 price target on shares of Diamondback Energy in a research note on Monday, June 22nd. Citigroup increased their price objective on Diamondback Energy from $225.00 to $245.00 and gave the stock a "buy" rating in a research note on Wednesday, May 20th. Freedom Capital upgraded Diamondback Energy to a "strong-buy" rating in a report on Tuesday, March 10th. Finally, Mizuho lifted their target price on Diamondback Energy from $220.00 to $240.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Five analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $221.37.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, EVP Matt Zmigrosky sold 5,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $200.10, for a total transaction of $1,000,500.00. Following the sale, the executive vice president owned 51,392 shares of the company's stock, valued at approximately $10,283,539.20. This trade represents a 8.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark Lawrence Plaumann sold 500 shares of Diamondback Energy stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $196.50, for a total value of $98,250.00. Following the completion of the transaction, the director owned 13,437 shares in the company, valued at $2,640,370.50. This represents a 3.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 121,548 shares of company stock valued at $23,146,460. 0.64% of the stock is owned by corporate insiders.

Diamondback Energy Company Profile

Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

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