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

Diamondback Energy, Inc. (NASDAQ:FANG) declared a quarterly dividend on Monday, November 3rd. Shareholders of record on Thursday, November 13th will be given a dividend of 1.00 per share by the oil and natural gas company on Thursday, November 20th. This represents a c) dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Thursday, November 13th.

Diamondback Energy has increased its dividend payment by an average of 0.6%per year over the last three years and has raised its dividend every year for the last 7 years. Diamondback Energy has a dividend payout ratio of 30.1% 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 $4.00 annual dividend with an expected future payout ratio of 25.6%.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $141.27 on Tuesday. The stock has a market capitalization of $40.90 billion, a price-to-earnings ratio of 10.04 and a beta of 0.99. Diamondback Energy has a one year low of $114.00 and a one year high of $186.07. The company’s 50-day simple moving average is $142.87 and its 200-day simple moving average is $141.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.31. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.48 billion. During the same quarter in the prior year, the firm posted $3.19 earnings per share. Diamondback Energy’s revenue for the quarter was up 48.4% compared to the same quarter last year. Equities analysts anticipate that Diamondback Energy will post 15.49 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. William Blair assumed coverage on Diamondback Energy in a research note on Monday, August 25th. They set an “outperform” rating on the stock. Raymond James Financial dropped their price objective on shares of Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, August 20th. Wells Fargo & Company dropped their price target on Diamondback Energy from $211.00 to $160.00 and set an “overweight” rating on the stock in a research report on Friday, October 17th. KeyCorp dropped their target price on Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 3rd. Finally, Barclays cut their price objective on shares of Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Diamondback Energy has an average rating of “Buy” and an average price target of $189.67.

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.