Diamondback Energy, Inc. to Issue Quarterly Dividend of $1.00 (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANG) announced a quarterly dividend on Monday, May 5th, RTT News reports. Stockholders of record on Thursday, May 15th will be paid a dividend of 1.00 per share by the oil and natural gas company on Thursday, May 22nd. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.01%.

Diamondback Energy has raised its dividend by an average of 42.3% annually over the last three years and has increased its dividend every year for the last 7 years. Diamondback Energy has a dividend payout ratio of 29.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Diamondback Energy to earn $15.64 per share next year, which means the company should continue to be able to cover its $4.00 annual dividend with an expected future payout ratio of 25.6%.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $133.08 on Tuesday. The firm has a fifty day simple moving average of $142.50 and a two-hundred day simple moving average of $160.43. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. Diamondback Energy has a twelve month low of $114.00 and a twelve month high of $214.50. The company has a market capitalization of $39.14 billion, a PE ratio of 7.62, a P/E/G ratio of 1.24 and a beta of 1.06.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.67 by $0.87. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.58 billion. During the same period last year, the company earned $4.50 EPS. Diamondback Energy’s revenue for the quarter was up 81.8% compared to the same quarter last year. Research analysts expect that Diamondback Energy will post 15.49 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Truist Financial upped their price target on shares of Diamondback Energy from $238.00 to $242.00 and gave the company a “buy” rating in a report on Thursday, April 17th. Scotiabank lowered their price objective on shares of Diamondback Energy from $215.00 to $175.00 and set a “sector outperform” rating for the company in a research note on Friday, April 11th. Susquehanna dropped their target price on shares of Diamondback Energy from $219.00 to $194.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd. KeyCorp dropped their price objective on Diamondback Energy from $216.00 to $180.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Finally, Citigroup raised Diamondback Energy from a “reduce” rating to a “buy” rating and boosted their target price for the company from $157.00 to $180.00 in a research note on Monday, April 7th. Two research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Diamondback Energy currently has an average rating of “Buy” and an average target price of $197.70.

Insider Activity at Diamondback Energy

In related news, Director Frank D. Tsuru bought 2,000 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were purchased at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the purchase, the director now owns 5,730 shares in the company, valued at approximately $896,802.30. The trade was a 53.62 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.70% of the stock is owned by corporate insiders.

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.