Diamondback Energy, Inc. (NASDAQ:FANG) Announces Dividend Increase – $1.00 Per Share

Diamondback Energy, Inc. (NASDAQ:FANG) declared a quarterly dividend on Monday, February 24th, 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 2.63%. The ex-dividend date of this dividend is Thursday, March 6th. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90.

Diamondback Energy has increased its dividend payment 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. 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 Price Performance

FANG opened at $151.92 on Wednesday. The firm has a market capitalization of $44.36 billion, a PE ratio of 8.70, a price-to-earnings-growth ratio of 1.24 and a beta of 1.86. 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 moving average is $165.36 and its two-hundred day moving average is $175.93. Diamondback Energy has a 1 year low of $151.69 and a 1 year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data 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. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. Research analysts anticipate that Diamondback Energy will post 15.49 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FANG. Piper Sandler decreased their price objective on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. StockNews.com upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, November 13th. Mizuho boosted their price target on Diamondback Energy from $201.00 to $204.00 and gave the stock an “outperform” rating in a research note on Tuesday. UBS Group increased their price objective on shares of Diamondback Energy from $212.00 to $216.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, Wells Fargo & Company boosted their target price on shares of Diamondback Energy from $218.00 to $219.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and a consensus price target 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.