Diamondback Energy slips as top holder to cut stake

Evercore

10/03/2026 20:58

** Oil and natgas producer Diamondback Energy FANG.O shares down 2.2% in extended trading to $174.39 after secondary offering launch

** Midland, Texas-based FANG says SGF FANG Holdings (SGF) to offload 11 mln shares

** SGF is beneficially owned by Lyndal Stephens Greth, daughter of the late Endeavor Energy Resources founder Autry Stephens. It holds a 34.4% stake following FANG's $26 bln acquisition of Endeavor in 2024

** FANG has ~281.3 mln shares outstanding as of Mar 6, per the prospectus

** Evercore, Citigroup, JP Morgan joint bookrunners for offering

** FANG's stock ended down 2.5% at $178.37, cutting YTD gain to ~19%. This compares to 23% gain in S&P 500 Energy index .SPNY in 2026

** 31 of 32 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $186.50, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))