Diamondback Energy, Inc. (FANG) to Issue Quarterly Dividend of $1.10 on May 21st

Diamondback Energy, Inc. (NASDAQ:FANG) announced a quarterly dividend on Wednesday, April 29th. Stockholders of record on Thursday, May 14th will be paid a dividend of 1.10 per share by the oil and natural gas company on Thursday, May 21st. This represents a c) dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Thursday, May 14th. This is a 4.8% increase from Diamondback Energy’s previous quarterly dividend of $1.05.

Diamondback Energy has raised its dividend payment by an average of 0.2%per year over the last three years and has increased its dividend annually for the last 7 consecutive years. Diamondback Energy has a dividend payout ratio of 33.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Diamondback Energy to earn $16.61 per share next year, which means the company should continue to be able to cover its $4.40 annual dividend with an expected future payout ratio of 26.5%.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $196.15 on Tuesday. The company has a 50 day moving average price of $189.81 and a 200-day moving average price of $166.35. Diamondback Energy has a 52 week low of $132.20 and a 52 week high of $214.51. The firm has a market capitalization of $55.18 billion, a PE ratio of 228.08 and a beta of 0.46. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, topping analysts’ consensus estimates of $3.74 by $0.49. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The firm had revenue of $4.24 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same period in the previous year, the business posted $4.54 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities research analysts expect that Diamondback Energy will post 18.88 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on FANG. Piper Sandler lifted their price target on shares of Diamondback Energy from $215.00 to $248.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Mizuho lifted their price target on shares of Diamondback Energy from $205.00 to $220.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 17th. Sanford C. Bernstein lifted their price target on shares of Diamondback Energy from $237.00 to $241.00 and gave the stock an “outperform” rating in a research note on Monday. Morgan Stanley lifted their price target on shares of Diamondback Energy from $220.00 to $224.00 and gave the stock an “overweight” rating in a research note on Friday, April 17th. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $242.00 price target on shares of Diamondback Energy in a research note on Monday, April 27th. Five analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $218.25.

Diamondback Energy Company 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.