Diamondback Energy, Inc. (NASDAQ:FANG) Declares Quarterly Dividend of $1.10

Diamondback Energy, Inc. (NASDAQ:FANG) declared a quarterly dividend on Monday, August 3rd. Investors of record on Thursday, August 13th will be paid a dividend of 1.10 per share by the oil and natural gas company on Thursday, August 20th. This represents a c) dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, August 13th.

Diamondback Energy has raised its dividend by an average of 0.2%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 33.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Diamondback Energy to earn $16.76 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 26.3%.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $198.75 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55. Diamondback Energy has a 1-year low of $134.30 and a 1-year high of $214.51. The business has a 50 day simple moving average of $190.75 and a two-hundred day simple moving average of $184.98. The stock has a market capitalization of $55.91 billion, a PE ratio of 231.11 and a beta of 0.42.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.08 by $0.40. The business had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $4.89 billion. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The company’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.38 EPS. On average, research analysts predict that Diamondback Energy will post 18.9 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. UBS Group cut their target price on shares of Diamondback Energy from $246.00 to $243.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. Morgan Stanley decreased their price target on shares of Diamondback Energy from $229.00 to $216.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. Weiss Ratings upgraded shares of Diamondback Energy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday. Scotiabank lifted their price objective on shares of Diamondback Energy from $175.00 to $195.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 22nd. Finally, Citigroup reduced their target price on shares of Diamondback Energy from $245.00 to $221.00 and set a “buy” rating on the stock in a report on Monday, July 20th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $218.63.

Diamondback Energy Company Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub?basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.