Why Diamondback Energy Stock Slumped Almost 14% in October
Shares of Diamondback Energy (NASDAQ: FANG) tumbled 13.8% in October, according to data provided by S&P Global Market Intelligence. Weighing on the oil stock was its production report and a barrage of analyst commentary.
After shutting-in some of its production in the second quarter and stopping its well completion activities due to crashing crude oil prices, Diamondback Energy started ramping back up during the third quarter.
As a result, the company reported last month that it produced an average of 287,300 barrels of oil equivalent per day (BOE/D) during the period. It expected to produce roughly that same amount during the fourth quarter (between 280,000 and 290,000 BOE/D), giving it a full-year average of 290,000 to 305,000 BOE/D.
Source Fool.com
