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

Diamondback Energy, Inc. (NASDAQ:FANG) declared a quarterly dividend on Monday, November 4th, Zacks reports. Shareholders 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 of this dividend is Thursday, November 14th.

Diamondback Energy has increased its dividend payment by an average of 29.8% annually over the last three years. Diamondback Energy has a 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 Price Performance

NASDAQ FANG traded up $7.40 during mid-day trading on Wednesday, hitting $183.03. The stock had a trading volume of 870,561 shares, compared to its average volume of 1,735,677. The company has a 50 day simple moving average of $182.56 and a 200 day simple moving average of $192.61. The company has a market cap of $53.95 billion, a price-to-earnings ratio of 9.08, a P/E/G ratio of 1.23 and a beta of 1.89. Diamondback Energy has a 52-week low of $145.70 and a 52-week high of $214.50. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65.

Diamondback Energy (NASDAQ:FANG) last released 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 the consensus estimate of $4.62 by ($1.24). The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. During the same period last year, the firm earned $5.49 EPS. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. Equities analysts forecast that Diamondback Energy will post 17.1 EPS for the current fiscal year.

Insider Activity at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.48% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on FANG. Johnson Rice downgraded Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. Barclays upgraded Diamondback Energy from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $216.00 to $210.00 in a research report on Wednesday, October 2nd. Piper Sandler lifted their price objective on Diamondback Energy from $240.00 to $252.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. KeyCorp cut their target price on shares of Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Finally, StockNews.com lowered shares of Diamondback Energy from a “hold” rating to a “sell” rating in a research report on Tuesday. Two equities research 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $210.09.

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.