Diamondback Energy, Inc. (NASDAQ:FANG) Increases Dividend to $1.10 Per Share

Diamondback Energy, Inc. (NASDAQ:FANG) announced a quarterly dividend on Monday, May 4th. Stockholders of record on Thursday, May 14th will be given a dividend of 1.10 per share by the oil and natural gas company on Thursday, May 21st. This represents a c) annualized dividend and a dividend yield of 2.1%. 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 increased its dividend payment by an average of 0.2%per year 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 31.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Diamondback Energy to earn $16.49 per share next year, which means the company should continue to be able to cover its $4.20 annual dividend with an expected future payout ratio of 25.5%.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $213.69 on Tuesday. Diamondback Energy has a 12 month low of $127.75 and a 12 month high of $214.51. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.42 and a quick ratio of 0.40. The business has a 50 day simple moving average of $187.42 and a 200-day simple moving average of $164.43. The stock has a market capitalization of $60.11 billion, a PE ratio of 38.09 and a beta of 0.46.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, topping the consensus estimate of $3.74 by $0.49. Diamondback Energy had a return on equity of 8.08% and a net margin of 11.07%.The business had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $3.83 billion. During the same quarter in the prior year, the business earned $4.54 earnings per share. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. Equities analysts predict that Diamondback Energy will post 18.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Citigroup upped their price objective on Diamondback Energy from $178.00 to $230.00 and gave the stock a “buy” rating in a report on Monday, March 30th. Zacks Research raised Diamondback Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 29th. Sanford C. Bernstein dropped their price objective on Diamondback Energy from $199.00 to $190.00 and set an “outperform” rating on the stock in a report on Monday, January 5th. Freedom Capital raised Diamondback Energy to a “strong-buy” rating in a report on Tuesday, March 10th. Finally, Piper Sandler upped their price objective on Diamondback Energy from $215.00 to $248.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Five equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $209.71.

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.