Diamondback Energy, Inc. (NASDAQ:FANG) Declares Quarterly Dividend of $1.00

Diamondback Energy, Inc. (NASDAQ:FANG) announced a quarterly dividend on Monday, November 3rd. Stockholders of record on Thursday, November 13th will be paid a dividend of 1.00 per share by the oil and natural gas company on Thursday, November 20th. This represents a c) dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, November 13th.

Diamondback Energy has raised its dividend by an average of 0.6%annually over the last three years and has increased its dividend annually for the last 7 consecutive years. Diamondback Energy has a payout ratio of 30.1% 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 $4.00 annual dividend with an expected future payout ratio of 25.6%.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $141.27 on Tuesday. The firm has a 50-day simple moving average of $142.87 and a 200-day simple moving average of $141.65. The stock has a market capitalization of $40.90 billion, a price-to-earnings ratio of 10.04 and a beta of 0.99. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. Diamondback Energy has a 52 week low of $114.00 and a 52 week high of $186.07.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 EPS for the quarter, beating analysts’ consensus estimates of $2.77 by $0.31. The business had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.48 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The company’s quarterly revenue was up 48.4% compared to the same quarter last year. During the same period in the prior year, the business earned $3.19 earnings per share. On average, equities analysts predict that Diamondback Energy will post 15.49 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FANG. Weiss Ratings restated a “hold (c-)” rating on shares of Diamondback Energy in a research report on Wednesday, October 8th. KeyCorp cut their price objective on shares of Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating for the company in a research report on Wednesday, September 3rd. UBS Group raised their price objective on shares of Diamondback Energy from $163.00 to $171.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Barclays cut their price objective on shares of Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. Finally, Melius Research began coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They set a “buy” rating and a $213.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $189.67.

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.