Benedict Financial Advisors Inc. Buys 2,380 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Benedict Financial Advisors Inc. boosted its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 17.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,853 shares of the oil and natural gas company’s stock after acquiring an additional 2,380 shares during the period. Benedict Financial Advisors Inc.’s holdings in Diamondback Energy were worth $2,733,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in FANG. First Community Trust NA purchased a new position in Diamondback Energy in the second quarter valued at approximately $26,000. Carolinas Wealth Consulting LLC raised its stake in Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after acquiring an additional 55 shares during the period. HHM Wealth Advisors LLC purchased a new stake in Diamondback Energy during the second quarter valued at about $40,000. Values First Advisors Inc. bought a new position in Diamondback Energy during the third quarter worth about $42,000. Finally, Founders Capital Management increased its stake in shares of Diamondback Energy by 99.2% in the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock worth $50,000 after purchasing an additional 125 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Shares of NASDAQ FANG traded up $3.47 during trading hours on Friday, reaching $184.38. 2,150,804 shares of the stock traded hands, compared to its average volume of 1,727,847. The company has a market capitalization of $32.88 billion, a P/E ratio of 10.39, a price-to-earnings-growth ratio of 1.22 and a beta of 1.89. The company’s 50-day simple moving average is $184.90 and its two-hundred day simple moving average is $194.10. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. Diamondback Energy, Inc. has a 52-week low of $145.70 and a 52-week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period last year, the firm posted $3.68 earnings per share. The business’s revenue was up 29.4% compared to the same quarter last year. Equities research analysts forecast that Diamondback Energy, Inc. will post 19.08 EPS for the current year.

Diamondback Energy Increases Dividend

The firm also recently declared a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were paid a $2.34 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This is an increase from Diamondback Energy’s previous None dividend of $2.26. This represents a yield of 1.9%. Diamondback Energy’s payout ratio is currently 20.29%.

Insider Buying and Selling at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.48% of the company’s stock.

Wall Street Analyst Weigh In

FANG has been the subject of several analyst reports. Benchmark raised their price objective on shares of Diamondback Energy from $154.00 to $195.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. KeyCorp cut their price target on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Truist Financial boosted their price objective on Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Citigroup began coverage on Diamondback Energy in a research note on Monday, October 14th. They issued a “neutral” rating and a $195.00 target price for the company. Finally, Scotiabank decreased their price target on Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $210.09.

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.