On Tuesday, Diamondback Energy got an upgrade for its IBD SmartSelect Composite Rating from 93 to 96.

The revised score means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength. The top-performing stocks tend to have a 95 or better grade as they kick off a significant move so be sure to keep that in mind when looking for the best stocks to buy and watch.

Diamondback Energy is not currently near a proper entry. See if the stock goes on to form a new chart pattern and offer a new buying opportunity.

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The stock sports a 94 EPS Rating, meaning its recent quarterly and annual earnings growth is outpacing 94% of all stocks.

Its Accumulation/Distribution Rating of B- shows moderate buying by institutional investors over the last 13 weeks.

The company posted 1,500% earnings-per-share growth for Q2. That means it's now delivered four straight quarters of rising EPS gains. Sales growth increased 296%, up from 32% in the prior report. The company has now posted accelerating growth in each of the last two reports.

Diamondback Energy holds the No. 3 rank among its peers in the Oil&Gas-U.S. Exploration & Production industry group. Denbury Resources is the No. 1-ranked stock within the group.