Diamondback Energy an early mover after strong Q3 results

Diamondback Energy (FANG +6.2%) springs higher at the open following strong Q3 results, which some analysts see as a "mini-version" of Pioneer Natural Resources and its strong Permian Basin presence (earlier).

During Q3, FANG's first horizontal Middle Spraberry test well, the Sarah Ann 3814H, had a peak 24-hour initial production rate of 733 boe/day (90% oil).

Sterne Agee raises its price target on FANG shares to $74 from $54.

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