On July 30, Diamondback rose 4.67% in regular trading, trading at $199.15/share, with Turnover of $122 million. The rally was driven by geopolitical tensions boosting oil prices, triggering a broad advance across the shale oil sector.
Within the Oil & Gas Exploration & Production sector, peers posted strong gains: Expand Energy up 4.79%, Canadian Natural Resources up 4.83%, Devon Energy up 3.81%, and ConocoPhillips up 3.67%. Goldman Sachs recently raised its price target on Diamondback to $212 from $210 while maintaining a Buy rating. UBS expects the company to deliver Q2 total and oil production above the midpoint of guidance, with cash flow per share projected approximately 2% ahead of the Street estimate of $11.23.
Diamondback is scheduled to report Q2 results on August 3, with the market consensus for adjusted EPS at $6.08. The company remains focused on unconventional oil and gas development in the Permian Basin in West Texas.
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