Diamondback now expects to produce 41,000 to 42,000 barrels of oil equivalent per day (boepd) in 2016, up from its prior outlook of 38,000 to 40,000 boepd.
For 2017, the company forecast its production will be between 52,000 to 58,000 boepd, the midpoint of which is up 30% from the midpoint of updated 2016 expectations.
Diamondback CEO Travis Stice said in a statement that the Midland, TX-based company is no longer discussing an acquisition.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Diamondback as a Hold with a ratings score of C. The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, the team also finds weaknesses including weak operating cash flow and disappointing return on equity.
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