Market Overview

Diamondback Energy Acquisition Rumor Shoots Stock Up 4%

Benzinga's Top Initiations
Cowen Downgrades Two-Thirds Of E&P Coverage Portfolio

Diamondback Energy (NASDAQ: FANG) has gained over four percent after a report it might be acquired by Spanish multinational oil and gas company Repsol SA (OTC: REPYY).

At least four analysts also raised their price target in Diamondback Wednesday, broadly citing the company's outlook and valuation.

The report, in Spanish language news service Confidencial Digital, cited unnamed "industry sources" and said Repsol would use cash from its recent $5 billion settlement with Argentina concerning that government's expropriation of Repsol's YPF unit.

Confidencial also said Repsol was in talks that might lead to its acquisition of Athabasca Oil (OTC: ATHOF).

Repsol had reportedly made a failed bid for the Norwegian assets of Marathon Oil (NYSE: MRO), which were sold to Det Norske for $2.7 billion.

Diamondback was last up 4.13 percent at $90.31 per share.

Posted-In: News Rumors


Related Articles (ATHOF + FANG)

View Comments and Join the Discussion!

Get Benzinga's Newsletters