Vest Financial LLC Grows Stock Holdings in Diamondback Energy, Inc. $FANG

Vest Financial LLC grew its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 6.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 49,970 shares of the oil and natural gas company's stock after purchasing an additional 2,832 shares during the period. Vest Financial LLC's holdings in Diamondback Energy were worth $6,866,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. BankPlus Trust Department purchased a new position in shares of Diamondback Energy during the first quarter valued at approximately $27,000. Pinnacle Bancorp Inc. lifted its holdings in shares of 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 purchasing an additional 88 shares during the last quarter. SouthState Corp lifted its holdings in shares of 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 purchasing an additional 167 shares during the last quarter. WASHINGTON TRUST Co raised its holdings in Diamondback Energy by 119.8% in the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after acquiring an additional 109 shares during the last quarter. Finally, Grove Bank & Trust raised its holdings in Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after acquiring an additional 80 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction 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. The trade was a 16.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.48% of the stock is currently owned by insiders.

Diamondback Energy Price Performance

Shares of FANG opened at $142.11 on Tuesday. The firm has a market cap of $41.14 billion, a PE ratio of 10.10 and a beta of 1.04. 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 fifty day simple moving average of $142.39 and a two-hundred day simple moving average of $140.79. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $193.31.

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

Diamondback Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were paid a dividend of $1.00 per share. The ex-dividend date was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. Diamondback Energy's payout ratio is currently 28.43%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FANG shares. Morgan Stanley boosted their price objective on shares of Diamondback Energy from $184.00 to $186.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Melius Research started coverage on shares of Diamondback Energy in a report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective for the company. KeyCorp decreased their price objective on shares of Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating for the company in a report on Wednesday, September 3rd. Melius started coverage on shares of Diamondback Energy in a report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective for the company. Finally, Susquehanna decreased their price objective on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a report on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $192.32.

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.

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