Diamondback Energy, Inc. (NASDAQ:FANG) Plans Quarterly Dividend of $1.18

Diamondback Energy, Inc. (NASDAQ:FANG) declared a quarterly dividend on Monday, November 2nd. Investors of record on Thursday, November 12th will be paid a dividend of $1.18 per share by the oil and natural gas company on Thursday, November 19th. This represents a $4.72 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Thursday, November 12th. This is a 7.3% increase from Diamondback Energy’s previous quarterly dividend of $1.10.

Diamondback Energy has increased its dividend 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 33.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Diamondback Energy to earn $20.10 per share next year, which means the company should continue to be able to cover its $4.40 annual dividend with an expected future payout ratio of 21.9%.

Diamondback Energy Stock Down 5.8%

FANG opened at $199.74 on Tuesday. The business’s fifty day moving average is $197.16 and its two-hundred day moving average is $189.30. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47. The company has a market cap of $55.93 billion, a price-to-earnings ratio of 38.94 and a beta of 0.49. Diamondback Energy has a one year low of $137.03 and a one year high of $216.90.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, November 2nd. The oil and natural gas company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $5.72 by $0.14. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%. The business had revenue of $5.43 billion during the quarter, compared to analysts’ expectations of $4.60 billion. During the same quarter last year, the business posted $3.08 earnings per share. The business’s revenue for the quarter was up 38.4% on a year-over-year basis. Analysts anticipate that Diamondback Energy will post 21.49 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on FANG shares. Wells Fargo & Company boosted their price objective on shares of Diamondback Energy from $262.00 to $263.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Wall Street Zen upgraded shares of Diamondback Energy from a “hold” rating to a “buy” rating in a report on Sunday, September 13th. Raymond James Financial restated a “strong-buy” rating on shares of Diamondback Energy in a research report on Thursday, September 17th. JPMorgan Chase & Co. lifted their target price on shares of Diamondback Energy from $211.00 to $233.00 in a research report on Wednesday, August 5th. Finally, Morgan Stanley upped their price target on shares of Diamondback Energy from $216.00 to $222.00 and gave the company an “equal weight” rating in a report on Thursday, October 15th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Diamondback Energy presently has an average rating of “Moderate Buy” and a consensus target price of $228.43.

About Diamondback Energy

Diamondback Energy, Inc is an independent oil and natural gas company engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. The company’s operations are concentrated in the Permian Basin of West Texas and southeastern New Mexico, particularly the Midland and Delaware Basins.

Diamondback produces crude oil, natural gas and natural gas liquids from horizontal wells and related infrastructure. Its activities include drilling and completing wells, operating gathering and processing assets, and managing midstream services that support production.