Welch Group LLC Has $631,000 Position in Diamondback Energy, Inc. $FANG

Welch Group LLC raised its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 4.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,590 shares of the oil and natural gas company’s stock after purchasing an additional 207 shares during the period. Welch Group LLC’s holdings in Diamondback Energy were worth $631,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BankPlus Trust Department acquired a new position in Diamondback Energy in the 1st quarter valued at about $27,000. Pinnacle Bancorp Inc. grew its position in shares of Diamondback Energy by 95.7% in 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 grew its position in shares of Diamondback Energy by 596.4% in 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. Grove Bank & Trust grew its position in shares of Diamondback Energy by 65.0% in the first 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 position in shares of Diamondback Energy by 119.8% in the first 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 and hedge funds.

Insider Buying and Selling at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the sale, the chairman directly owned 102,145 shares in the company, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.48% of the company’s stock.

Diamondback Energy Trading Down 3.0%

Shares of FANG stock opened at $139.82 on Monday. The stock’s fifty day moving average price is $142.51 and its two-hundred day moving average price is $140.89. The company has a market cap of $40.48 billion, a PE ratio of 9.94 and a beta of 1.04. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $196.00. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing the consensus estimate of $2.72 by ($0.05). The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The business’s quarterly revenue was up 48.1% compared to the same quarter last year. During the same period last year, the business earned $4.52 earnings per share. Equities analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Thursday, August 14th. Diamondback Energy’s dividend payout ratio (DPR) is presently 28.43%.

Analyst Ratings Changes

FANG has been the topic of a number of research reports. Piper Sandler decreased their price objective on Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating on the stock in a report on Thursday, August 14th. Susquehanna decreased their price target on shares of Diamondback Energy from $192.00 to $188.00 and set a “positive” rating on the stock in a research note on Wednesday, July 23rd. Scotiabank restated an “outperform” rating on shares of Diamondback Energy in a research note on Thursday. Evercore ISI upped their price target on shares of Diamondback Energy from $165.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, October 6th. Finally, KeyCorp decreased their target price on shares of Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $192.32.

Diamondback Energy Company Profile

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.