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

Diamondback Energy, Inc. (NASDAQ:FANG) declared a quarterly dividend on Tuesday, April 30th, RTT News reports. Shareholders of record on Wednesday, May 15th will be paid a dividend of 0.90 per share by the oil and natural gas company on Wednesday, May 22nd. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.84%.

Diamondback Energy has raised its dividend payment by an average of 29.8% per year over the last three years and has raised its dividend annually for the last 6 consecutive years. Diamondback Energy has a payout ratio of 17.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Diamondback Energy to earn $21.42 per share next year, which means the company should continue to be able to cover its $3.60 annual dividend with an expected future payout ratio of 16.8%.

Diamondback Energy Stock Performance

Shares of Diamondback Energy stock opened at $196.01 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.77 and a quick ratio of 0.74. The firm has a 50 day simple moving average of $194.57 and a 200 day simple moving average of $170.39. Diamondback Energy has a fifty-two week low of $123.41 and a fifty-two week high of $211.96. The firm has a market cap of $34.96 billion, a P/E ratio of 11.05 and a beta of 1.91.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share for the quarter, topping the consensus estimate of $4.29 by $0.21. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.10 billion. Diamondback Energy had a return on equity of 19.69% and a net margin of 36.71%. The company’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the previous year, the business posted $4.10 EPS. Sell-side analysts predict that Diamondback Energy will post 18.94 earnings per share for the current fiscal year.

Analyst Ratings Changes

FANG has been the topic of several analyst reports. Susquehanna increased their target price on Diamondback Energy from $212.00 to $245.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Scotiabank lifted their price objective on shares of Diamondback Energy from $210.00 to $255.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Bank of America raised shares of Diamondback Energy from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $129.00 to $170.00 in a research report on Monday, February 12th. Truist Financial upped their price objective on shares of Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. Finally, Morgan Stanley reduced their target price on Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $202.53.

Insider Activity at Diamondback Energy

In other news, CEO Travis D. Stice sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the sale, the chief executive officer now owns 446,610 shares in the company, valued at approximately $89,322,000. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total value of $6,000,000.00. Following the transaction, the chief executive officer now owns 446,610 shares of the company’s stock, valued at $89,322,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jere W. Thompson III sold 2,675 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $192.35, for a total value of $514,536.25. Following the sale, the vice president now directly owns 8,485 shares of the company’s stock, valued at $1,632,089.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 57,675 shares of company stock worth $11,311,096. Company insiders own 0.43% of the company’s stock.

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.