Diamondback Energy (FANG) has risen sharply, recording gains of 1.09% in the past 4 weeks. However, the stock has corrected -2.97% in the past 1 week, providing a good buying opportunity on dips. Diamondback Energy (FANG) : During the past 4 weeks, traders have been relatively bearish on Diamondback Energy (FANG), hence the stock is down -5.31% when compared to the S&P 500 during the same period. However, in the past 1 week, the selling of the stock is down by -3.56% relative to the S&P 500.
Diamondback Energy (NASDAQ:FANG): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $88.42 and $87.44 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $88.74. The buying momentum continued till the end and the stock did not give up its gains. It closed at $88.23, notching a gain of 0.06% for the day. The total traded volume was 958,813 . The stock had closed at $88.18 on the previous day.
The stock has recorded a 20-day Moving Average of 1.69% and the 50-Day Moving Average is 1.44%. Diamondback Energy, Inc. is up 5.44% in the last 3-month period. Year-to-Date the stock performance stands at 31.88%.
Diamondback Energy, Inc. is an independent oil and natural gas company. The Company is focused on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. The Company, through its subsidiary Viper, owns mineral interests underlying approximately 24,528 gross (15,948 net) acres in Midland County Texas in the Permian Basin. Approximately 43% of these net acres are operated by the Company. As of December 31, 2014, it had drilled or participated in the drilling of 405 gross (343 net) wells on its leasehold acreage in this area, primarily targeting the Wolfberry play. The Permian Basin area covers a portion of western Texas and eastern New Mexico. The Companys activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations, which it refers to collectively as the Wolfberry play.