Diamondback Energy, Inc. (FANG) to Issue Quarterly Dividend of $1.00 on May 22nd

Diamondback Energy, Inc. (NASDAQ:FANG) declared a quarterly dividend on Monday, May 12th, RTT News reports. Investors of record on Thursday, May 15th will be paid a dividend of 1.00 per share by the oil and natural gas company on Thursday, May 22nd. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend is Thursday, May 15th.

Diamondback Energy has raised its dividend payment by an average of 42.3% 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 29.6% meaning its dividend is sufficiently covered by earnings. Research 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 Stock Up 1.1%

Shares of Diamondback Energy stock opened at $144.45 on Tuesday. The business’s 50 day simple moving average is $141.07 and its 200 day simple moving average is $158.80. 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 52-week low of $114.00 and a 52-week high of $214.50. The firm has a market cap of $42.20 billion, a PE ratio of 8.22, a P/E/G ratio of 1.24 and a beta of 1.06.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share for the quarter, beating the consensus estimate of $3.67 by $0.87. The business had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.58 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm’s revenue was up 81.8% on a year-over-year basis. During the same period last year, the business earned $4.50 earnings per share. On average, analysts predict that Diamondback Energy will post 15.49 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Frank D. Tsuru purchased 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the purchase, the director now owns 5,730 shares of the company’s stock, valued at approximately $896,802.30. This trade represents a 53.62% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Raymond James dropped their price target on Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, March 12th. Royal Bank of Canada assumed coverage on Diamondback Energy in a research note on Friday, May 2nd. They set an “outperform” rating and a $180.00 price target for the company. Bank of America upgraded shares of Diamondback Energy from a “neutral” rating to a “buy” rating and lowered their price target for the company from $202.00 to $170.00 in a report on Tuesday, April 29th. Wells Fargo & Company dropped their target price on shares of Diamondback Energy from $215.00 to $207.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Finally, Citigroup raised shares of Diamondback Energy from a “reduce” rating to a “buy” rating and lifted their price target for the company from $157.00 to $180.00 in a research report on Monday, April 7th. Two investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $195.57.

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.