Diamondback Energy, Inc. (FANG), located in Midland, Texas, is an independent oil and gas company specializing in the acquisition, development, exploration, and exploitation of unconventional onshore oil and natural gas reserves. Valued at a market cap of $53.1 billion, it operates midstream infrastructure assets in both the Midland and Delaware Basins of the Permian Basin.
The oil & gas titan has lagged behind the broader market over the past year. Over the past 52 weeks, FANG surged 15.4%, trailing the S&P 500 Index’s ($SPX) 31.1% returns. In 2024, FANG is up 16.2% compared to SPX’s 24.1% gains on a YTD basis.
