Benzinga | Jul 21, 2020 11:08AM EDT

Why Diamondback Energy's Stock Is Trading Higher Today

Diamondback Energy (NASDAQ:FANG) shares are trading higher on Tuesday after Piper Sandler upgraded the stock from Neutral to Overweight and raised its price target from $40 to $58 per share.

Diamondback Energy is an independent oil and gas producer in the United States. The company operates exclusively in the Permian Basin. At the end of 2019, the company reported net proven reserves of 1.1 billion barrels of oil equivalent. Net production averaged about 283,000 barrels per day in 2019, at a ratio of 66% oil, 18% natural gas liquids, and 16% natural gas.

Diamondback Energy shares were trading up 9.67% at $42.31 during the time of publication on Tuesday. The stock has a 52-week high of $106.50 and a 52-week low of $14.55.