Diamondback Energy, Inc. (FANG) will raise its quarterly dividend by another 12.5 percent in 2021 to 45 cents per share. This is the second dividend hike announced in 2021.

The next dividend is payable on August 19, 2021, to stockholders of record at the close of business on August 12, 2021. A new annual rate of $1.80 per share yields 2.3% at a stock price of $80.66.

Diamondback Energy, Inc. is an independent oil and natural gas company. The company focuses on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. The company's operations are directed primarily at the large acreage areas of the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations, collectively known as the Wolfberry Trend. Diamondback Energy became a public company in 2012 and initiated a quarterly dividend in 2018.