On July 8, Diamondback Energy rose 3.29% in regular trading, trading at $186.495/share, with turnover of approximately $159 million.

On the news front, its subsidiary Viper Energy recently completed the acquisition of mineral and royalty interests owned by Riverbend Oil & Gas IX for $337 million in cash and approximately 3.7 million shares of Class A common stock, further strengthening the company's resource control in the Permian Basin.

Fundamentally, Diamondback reported Q1 adjusted EPS of $4.23, beating the analyst consensus estimate of $3.30 by 28.18%. The company simultaneously raised its full-year oil production guidance to above 520,000 barrels per day, with total oil-equivalent daily production targeting over 972,000 barrels. Management also increased the base dividend, extending a multi-year shareholder return growth track record. UBS maintains a Buy rating with a $245 price target, while Bernstein holds an Outperform rating with a $237 target.

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