Diamondback Energy, Inc. (NASDAQ:FANG) to Issue $0.90 Quarterly Dividend

Diamondback Energy, Inc. (NASDAQ:FANG) announced a quarterly dividend on Monday, November 4th, Zacks reports. Investors of record on Thursday, November 14th will be paid a dividend of 0.90 per share by the oil and natural gas company on Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date is Thursday, November 14th.

Diamondback Energy has raised its dividend payment by an average of 29.8% annually over the last three years. Diamondback Energy has a dividend payout ratio of 33.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Diamondback Energy to earn $18.02 per share next year, which means the company should continue to be able to cover its $5.76 annual dividend with an expected future payout ratio of 32.0%.

Diamondback Energy Trading Up 4.2 %

Shares of NASDAQ FANG traded up $7.29 during trading hours on Wednesday, reaching $182.92. The stock had a trading volume of 931,709 shares, compared to its average volume of 1,735,961. Diamondback Energy has a 52-week low of $145.70 and a 52-week high of $214.50. The firm has a market cap of $53.91 billion, a price-to-earnings ratio of 9.08, a P/E/G ratio of 1.23 and a beta of 1.89. The business’s fifty day moving average price is $182.56 and its two-hundred day moving average price is $192.61. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. Diamondback Energy’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period in the previous year, the company posted $5.49 EPS. Analysts expect that Diamondback Energy will post 17.1 EPS for the current fiscal year.

Analyst Ratings Changes

FANG has been the subject of several recent research reports. Bank of America boosted their price target on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. Wells Fargo & Company reaffirmed a “sector outperform” rating on shares of Diamondback Energy in a research report on Friday, October 18th. Truist Financial increased their target price on shares of Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Jefferies Financial Group began coverage on shares of Diamondback Energy in a report on Monday, September 16th. They issued a “hold” rating and a $185.00 price target on the stock. Finally, JPMorgan Chase & Co. initiated coverage on Diamondback Energy in a research report on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $210.09.

Insider Activity

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the transaction, the insider now directly owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.48% of the company’s stock.

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.