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, March 3rd, RTT News reports. Stockholders of record on Thursday, March 6th will be given a dividend of 1.00 per share by the oil and natural gas company on Thursday, March 13th. This represents a $4.00 annualized dividend and a dividend yield of 2.70%. The ex-dividend date 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% per year over the last three years. Diamondback Energy has a dividend payout ratio of 22.1% 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 $3.60 annual dividend with an expected future payout ratio of 23.0%.

Diamondback Energy Trading Down 6.9 %

Shares of NASDAQ:FANG opened at $148.00 on Tuesday. The company has a market capitalization of $42.84 billion, a P/E ratio of 8.47, a P/E/G ratio of 1.24 and a beta of 1.86. Diamondback Energy has a 1 year low of $147.70 and a 1 year high of $214.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The business’s 50 day simple moving average is $165.25 and its 200 day simple moving average is $174.70.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.57 by $0.07. The business 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%. On average, research analysts anticipate that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Analyst Ratings Changes

FANG has been the topic of a number of analyst reports. UBS Group increased their price target on Diamondback Energy from $212.00 to $216.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Truist Financial upped their target price on Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Royal Bank of Canada restated an “outperform” rating and set a $210.00 target price on shares of Diamondback Energy in a research note on Thursday, January 23rd. Morgan Stanley upped their target price on Diamondback Energy from $220.00 to $227.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Finally, Wolfe Research upgraded Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 target price for the company in a research note on Friday, January 3rd. Four research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Diamondback Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $216.09.

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.