Sitting on a Cash Pile 10.0? West Texas Oil & Gas Back in Favor

#buy #cash #bullish


Diamondback Energy Inc. (NASDAQ:FANG) broke out on 18 November at 37.74 and confirmed on 13 January at 61.54 garnering an HeffX-LTN Buy rating with a price target at 135 long term Y 2021 on a pro-growth economy.

Shares traded at at 62.75 intraday Wednesday, within its 52-wk range of 14.55 to 92.74. FANG pays an annual dividend of 2.57%.

Our Key technical indicators are all flashing Very Bullish in here, and the Key support is at 46.50 and the overhead resistance is NIL.

Diamondback Energy, Inc., an independent Oil & Gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and nat gas reserves in the Permian Basin in West Texas.

It primarily focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin, and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.

As of 31 December 2019, the company’s total acreage position was approximately 455,378 gross acres in the Permian Basin; and estimated proved Crude Oil and Nat Gas reserves were 1,127,575-M barrels of crude oil equivalent.

It also held working interests in 2,656 gross producing wells, as well as royalty interests in 4,161 additional wells.

Plus, the company owns mineral interests approximately 814,224 gross acres and 24,304 net royalty acres in the Permian Basin and Eagle Ford Shale.

It owns, operates, develops, and acquires midstream infrastructure assets, such as 867 miles of Crude Oil gathering pipelines, Nat Gas gathering pipelines, and an integrated water system in the Midland and Delaware Basins of the Permian Basin.

Diamondback Energy, Inc. was founded in Y 2007 and is HQ’d in Midland, Texas.

Have a healthy day, Keep the Faith!