Why Diamondback Energy's Stock Is Trading Higher Today

Diamondback Energy, Inc. FANG shares are trading higher after the company reported better-than-expected Q2 EPS and sales results.

Diamondback Energy reported second-quarter adjusted earnings per share results of $2.44 which beat the $2.12 estimate and sales results of $1.68 billion which beat the $1.32 billion estimate.

"As we have stated in the past, an increased return will not hinder our efforts to continue to pay down gross debt, and we have proven that again today with our second dividend increase this year, bringing our year-to-date dividend growth to 20%," said Travis Stice, Chief Executive Officer of Diamondback.

Diamondback Energy, Inc., an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves.

Diamondback's stock was trading about 4.5% higher at $80.22 per share on Tuesday. The stock has a 52-week high of $102.53 and a 52-week low of $23.63.