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Diamondback Energy (FANG) is an independent oil and natural gas company.
The company focuses on the acquisition, development, exploration, and exploitation of onshore oil and natural gas reserves in the Permian Basin in West Texas. The companys activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn, and Atoka formations.
As of December 31, 2013, its net leasehold acreage in the Permian Basin was approximately 65,938 net acres; and estimated proved oil and natural gas reserves were 63,586 thousand barrels of crude oil equivalent. The company also held interests in 306 net producing wells in the Permian Basin.
Shares pulled back yesterday after the firm sold 2 million shares at $90.04. This has created an entry point into the stock. Shares have formed a bullish "cup and handle" and higher share prices are expected for this stock.
52-Week Trading Range: $32.61 - $93.33
Entry Point: $87.69
Stop Loss: $83.30
Target Price: $96.45
FANG closed at $84.75 after its 30 days expired.
