Why Diamondback Energy Stock Dipped on Wednesday

Following along with an analyst's price target reduction, investors became slightly less bullish on Diamondback Energy's (NASDAQ: FANG) future on Hump Day. They traded out of the stock to leave it with a more than 5% loss that session. Other stocks did better, as the S&P 500 index closed with a 0.5% increase.That morning, prognosticator Tim Rezvan, with KeyCorp's KeyBanc Capital Markets, made the move, lowering his Diamondback price target to $176 per share from the preceding level of $180. That wasn't enough of a cut to change the analyst's recommendation, apparently, as he maintained his overweight (buy) rating on the oil and gas company's equity. Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool