Why Diamondback Energy Stock Is Tanking Today
Shares of Diamondback Energy (NASDAQ: FANG) had slumped more than 13% by 11:15 a.m. EST on Wednesday. Driving down the energy company's stock were its third-quarter results and outlook for 2020.
Diamondback Energy produced $239 million, or $1.47 per share, of adjusted net income during the third quarter, which fell $0.24 per share short of the analysts' consensus. Driving that miss was a decline in the company's oil production from the second quarter. Not only did the company sell its former Central Basin Platform assets, it also completed gassier wells during the quarter. With gas prices very weak due in part to infrastructure constraints in the Permian, Diamondback didn't make much money on this incremental output.
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Source Fool.com
