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The Wells Fargo update came on the heels of two similar moves from analysts on Monday. Evercore ISI Group maintained an Outperform rating and lowered its price target to $209, and Truist Securities maintained a Buy rating and lowered its price target to $220.

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What Else: After the market close on Tuesday, Diamondback Energy announced the closing of an acquisition and updated its guidance for the third quarter.

Diamondback subsidiary Viper Energy completed its acquisition of certain mineral and royalty interest-owning subsidiaries of Tumbleweed Royalty IV.

Diamondback Energy also updated its third-quarter guidance to reflect the Endeavor Energy Resources deal completed on Sept. 10. Diamondback now expects third-quarter oil production of 319 to 321 MBO/d. The company also anticipates capital expenditures of $675 million to $700 million for the third quarter.

Photo: Joe from Pixabay.

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