Signal Advisors Wealth LLC Increases Position in Diamondback Energy, Inc. $FANG

Key Points

• Signal Advisors Wealth LLC increased its holdings in Diamondback Energy by 84.0%, owning 41,544 shares worth approximately $5.71 million at the end of the recent reporting period.
• Diamondback Energy reported earnings per share (EPS) of $2.67 for the last quarter, falling short of the consensus estimate of $2.72, despite a revenue of $3.68 billion that exceeded expectations.
• The stock currently has a consensus rating of "Buy" from analysts, with an average price target of $193.39.

Signal Advisors Wealth LLC boosted its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 84.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,544 shares of the oil and natural gas company's stock after purchasing an additional 18,970 shares during the period. Signal Advisors Wealth LLC's holdings in Diamondback Energy were worth $5,708,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. BankPlus Trust Department bought a new position in Diamondback Energy during the 1st quarter valued at about $27,000. Pinnacle Bancorp Inc. grew its holdings in Diamondback Energy by 95.7% during the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock valued at $29,000 after purchasing an additional 88 shares during the last quarter. SouthState Corp grew its holdings in Diamondback Energy by 596.4% during the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after purchasing an additional 167 shares during the last quarter. Grove Bank & Trust grew its holdings in Diamondback Energy by 65.0% during the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock valued at $32,000 after purchasing an additional 80 shares during the last quarter. Finally, WASHINGTON TRUST Co grew its holdings in Diamondback Energy by 119.8% during the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock valued at $32,000 after purchasing an additional 109 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the sale, the chairman owned 102,145 shares of the company's stock, valued at $14,586,306. This represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.48% of the stock is owned by insiders.

Diamondback Energy Stock Down 0.6%

NASDAQ:FANG traded down $0.84 during midday trading on Monday, reaching $138.83. 2,136,589 shares of the stock traded hands, compared to its average volume of 1,933,856. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $200.47. The business has a 50-day moving average of $142.27 and a two-hundred day moving average of $141.76. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The stock has a market capitalization of $40.19 billion, a PE ratio of 9.87 and a beta of 1.15.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.35 billion. During the same period in the previous year, the company earned $4.52 EPS. The company's revenue was up 48.1% on a year-over-year basis. 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 company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.9%. Diamondback Energy's dividend payout ratio is presently 28.43%.

Analysts Set New Price Targets

FANG has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Morgan Stanley upped their target price on shares of Diamondback Energy from $184.00 to $186.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. UBS Group upped their target price on shares of Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Mizuho dropped their target price on shares of Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Finally, Wells Fargo & Company upped their target price on shares of Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $193.39.

About Diamondback Energy

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.