Diamondback Energy Inc. (FANG) shares gained 5.16% in after-hours on Thursday, September 16, 2021, and closed the daily trading at $84.20. However, in the regular trading session of Thursday, FANG’s stock lost 1.85%. FANG shares have risen 143.30% over the last 12 months, and they have moved up by 5.83% in the past week. Over the past three months, the stock has lost 7.85%, while over the past six months, it has gained 6.52%.

Let’s have a look at its recent news and developments.

FANG stock buyback program

On September 16, 2021, Diamondback Energy, Inc. (FANG) announced to accelerate its plans to return 50% of Free Cash Flow to stockholders to the fourth quarter of 2021. The Board of Directors has also approved an up to $2.0 billion share repurchase program to complement this return commitment.

FANG improved RS rating

On September 16, 2021, Diamondback Energy, Inc. (FANG) RS rating rose from 94 to 98 by the IBD SmartSelect Composite Rating, because the stock is outpacing 98% of all stocks when it comes to the most important stock-picking criteria.

Midland Basin Acquisition

On August 09, 2021, Viper Energy Partners LP (VNOM) which is a subsidiary of Diamondback Energy, Inc. (FANG), entered into a definitive purchase and sale agreement to acquire certain mineral and royalty interests from Swallowtail Royalties LLC and Swallowtail Royalties II LLC in exchange for 15.25 million units of Viper common stock and $225 million of cash.

FANG recent financial results announcement

On August 02, 2021, Diamondback Energy, Inc. (FANG) released its financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

• Revenue was $1,681 million in Q2 2021 compared to 425 million in Q2 2020.
• Total cost and expenses were $726 million in Q2 2021 compared to $3,097 million in Q2 2020.
• FANG reported a net income of $311 million, or $1.71 per diluted share in Q2 2021 compared to a net loss of 2,393 million or $15.16 per diluted share in Q2 2020.
• Adjusted EBITDA was $1,001 million in Q2 2021
• The company ended the quarter with 284 million in standalone cash and no borrowings outstanding under its revolving credit facility, with approximately $1.6 billion available for future borrowing under the facility and $1.9 billion of total liquidity.

FANG Dividend Declaration

On August 02, 2021, The Board of Directors of Diamondback Energy, Inc. (FANG) declared a cash dividend of $0.45 per common share for the second quarter of 2021 payable on August 19, 2021, to stockholders of record at the close of business on August 12, 2021.

Conclusion

The recent stock buyback program was the reason behind its turnaround in the after-hours on Thursday and we can expect it to continue to rise on Friday as well.