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

Patriot Financial Group Insurance Agency LLC raised its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 417.8% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 10,424 shares of the oil and natural gas company’s stock after buying an additional 8,411 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Diamondback Energy were worth $2,062,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Deseret Mutual Benefit Administrators boosted its holdings in shares of Diamondback Energy by 31.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 274 shares of the oil and natural gas company’s stock valued at $41,000 after buying an additional 66 shares in the last quarter. Scotia Capital Inc. raised its stake in shares of 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 worth $2,822,000 after acquiring an additional 68 shares in the last quarter. Townsend & Associates Inc raised its stake in shares of 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 worth $2,161,000 after acquiring an additional 75 shares in the last quarter. 180 Wealth Advisors LLC lifted its position in Diamondback Energy by 2.9% during the fourth quarter. 180 Wealth Advisors LLC now owns 2,725 shares of the oil and natural gas company’s stock valued at $410,000 after acquiring an additional 78 shares during the last quarter. Finally, Fulton Bank N.A. lifted its position in Diamondback Energy by 1.8% during the fourth quarter. Fulton Bank N.A. now owns 4,400 shares of the oil and natural gas company’s stock valued at $661,000 after acquiring an additional 78 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on FANG shares. Zacks Research lowered shares of Diamondback Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Truist Financial set a $242.00 price objective on Diamondback Energy in a report on Wednesday, May 6th. Morgan Stanley raised their price objective on Diamondback Energy from $224.00 to $229.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Wells Fargo & Company set a $212.00 target price on Diamondback Energy in a research note on Monday, June 22nd. Finally, Susquehanna boosted their target price on Diamondback Energy from $231.00 to $245.00 and gave the stock a “positive” rating in a research note on Wednesday, May 6th. Five investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $221.37.

Insider Buying and Selling

In other news, Director Mark Lawrence Plaumann sold 500 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was 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 of the company’s stock, valued at $2,640,370.50. The trade was a 3.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Matt Zmigrosky sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $200.10, for a total value of $1,000,500.00. Following the sale, the executive vice president directly owned 51,392 shares in the company, valued at approximately $10,283,539.20. This trade represents a 8.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 121,548 shares of company stock worth $23,146,460. Corporate insiders own 0.64% of the company’s stock.

Diamondback Energy Price Performance

FANG stock opened at $179.91 on Monday. The company has a market capitalization of $50.61 billion, a P/E ratio of 209.20 and a beta of 0.42. Diamondback Energy, Inc. has a 12 month low of $134.30 and a 12 month high of $214.51. The firm’s fifty day simple moving average is $194.75 and its 200-day simple moving average is $177.73. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.74 by $0.49. The firm had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the company posted $4.54 earnings per share. As a group, equities research analysts forecast that Diamondback Energy, Inc. will post 19.92 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Thursday, May 14th. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.05. Diamondback Energy’s dividend payout ratio (DPR) is 511.63%.

Diamondback Energy 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.