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

Diamondback Energy, Inc. (NASDAQ:FANG) announced a quarterly dividend on Monday, February 24th, RTT News reports. Stockholders of record on Thursday, March 6th will be paid 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 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 22.2% meaning 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 $3.60 annual dividend with an expected future payout ratio of 23.0%.

Diamondback Energy Price Performance

FANG stock traded down $0.89 on Monday, reaching $155.23. The company had a trading volume of 3,880,705 shares, compared to its average volume of 2,139,412. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy has a 1 year low of $152.00 and a 1 year high of $214.50. The company’s fifty day moving average is $165.60 and its 200 day moving average is $176.57. The company has a market cap of $45.33 billion, a P/E ratio of 8.89, a PEG ratio of 1.24 and a beta of 1.86.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, February 24th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, topping 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 forecast that Diamondback Energy will post 15.49 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently commented on FANG. Wells Fargo & Company upped their target price on Diamondback Energy from $218.00 to $219.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Royal Bank of Canada reissued an “outperform” rating and issued a $210.00 target price on shares of Diamondback Energy in a research report on Thursday, January 23rd. Benchmark reaffirmed a “buy” rating and set a $195.00 price target on shares of Diamondback Energy in a research report on Tuesday, October 29th. The Goldman Sachs Group started coverage on shares of Diamondback Energy in a research note on Monday, December 2nd. They set a “buy” rating and a $227.00 price objective for the company. Finally, Wolfe Research raised Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 target price on the stock in a research report on Friday, January 3rd. Four investment 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 company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $216.22.

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.