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

Diamondback Energy, Inc. (NASDAQ:FANG) announced a quarterly dividend on Monday, February 24th, RTT News reports. Investors 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 2.58%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90.

Diamondback Energy has raised its dividend by an average of 42.3% per year over the last three years. Diamondback Energy has a dividend payout ratio of 22.2% indicating that its dividend is sufficiently covered by earnings. Equities 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 Down 0.6 %

Diamondback Energy stock opened at $155.23 on Tuesday. Diamondback Energy has a twelve month low of $152.00 and a twelve month 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 has a market cap of $45.33 billion, a PE ratio of 8.89, a P/E/G ratio of 1.24 and a beta of 1.86. The firm’s 50 day moving average price is $165.52 and its two-hundred day moving average price is $176.27.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, February 24th. The oil and natural gas company reported $3.64 EPS for the quarter, beating the consensus estimate of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. On average, research analysts predict that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FANG shares. JPMorgan Chase & Co. upped their target price on Diamondback Energy from $191.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. UBS Group increased their price objective on Diamondback Energy from $212.00 to $216.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Piper Sandler cut their price objective on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. StockNews.com upgraded shares of Diamondback Energy from a “sell” rating to a “hold” rating in a report on Wednesday, November 13th. Finally, Wolfe Research upgraded shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price objective for the company in a report on Friday, January 3rd. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $216.22.

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.