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The latest trading day saw Diamondback Energy (FANG) settling at $139.64, representing a +2.46% change from its previous close.
The U.S. oil industry has laid off thousands of workers and cut billions in spending due to lower oil prices and the biggest consolidation in a generation, in what could mark the end of the rapid output growth that made the U.S. the world's top producer.
Diamondback Energy continues its cycle of acquisitions and rapid debt reduction. Recent cash raises, including 'Deep Blue' and 'Epic Crude,' will generate nearly $1 billion. Management is targeting a debt ratio reduction from 1.5 to a preferred (usually) long-term goal of 1.0.
FANG will sell Environmental Disposal Systems to Deep Blue for $750 million, retaining a 30% stake and a 15-year service deal.
Following along with an analyst's price target reduction, investors became slightly less bullish on Diamondback Energy's (FANG -5.05%) future on Hump Day. They traded out of the stock to leave it with a more than 5% loss that session.
Diamondback (FANG) reported earnings 30 days ago. What's next for the stock?
FANG announces plans to sell its EPIC Crude stake for over $596 million, unlocking funds for upstream focus as regulatory approval is still pending.
Plains All American Pipeline and Plains GP Holdings on Tuesday said it has agreed to buy a 55% stake in pipeline operator EPIC Crude Holdings from units of Diamondback Energy and Kinetik Holdings for $1.57 billion, including debt.
U.S. oil hits a record 13.58M barrels per day, spotlighting CHRD, FANG and CIVI as key energy stocks to watch.