Diamondback Energy, Inc. (FANG) to Issue Quarterly Dividend of $1.00 on March 13th

Diamondback Energy, Inc. (NASDAQ:FANG) declared a quarterly dividend on Monday, February 24th, RTT News reports. Investors of record on Thursday, March 6th will be paid a dividend of 1.00 per share by the oil and natural gas company on Thursday, March 13th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend is Thursday, March 6th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90.

Diamondback Energy has increased its dividend by an average of 42.3% annually over the last three years. Diamondback Energy has a dividend payout ratio of 22.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Diamondback Energy to earn $15.64 per share next year, which means the company should continue to be able to cover its $3.60 annual dividend with an expected future payout ratio of 23.0%.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $151.92 on Wednesday. The company has a market cap of $44.36 billion, a P/E ratio of 8.70, a P/E/G ratio of 1.24 and a beta of 1.86. Diamondback Energy has a 52-week low of $151.69 and a 52-week high of $214.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. The firm’s fifty day moving average is $165.36 and its two-hundred day moving average is $175.93.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, topping analysts’ consensus estimates of $3.57 by $0.07. The company had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. As a group, analysts anticipate that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FANG has been the subject of a number of recent research reports. The Goldman Sachs Group assumed coverage on shares of Diamondback Energy in a report on Monday, December 2nd. They issued a “buy” rating and a $227.00 target price for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $210.00 price objective on shares of Diamondback Energy in a research note on Thursday, January 23rd. Raymond James upped their target price on shares of Diamondback Energy from $237.00 to $256.00 and gave the company a “strong-buy” rating in a research report on Thursday, January 23rd. Piper Sandler dropped their price target on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Finally, Benchmark restated a “buy” rating and set a $195.00 price objective on shares of Diamondback Energy in a research report on Tuesday, October 29th. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $216.09.

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.