Diamondback Energy Tumbles 8%, Hit by $1.9 Billion Share Sale

Diamondback Energy shares fell 8.03% on Wednesday. The stock closed at $194.54 following a major block sale.

SGF Capital sold a $1.9 billion stake in the company. The firm represents the family of late Endeavor Energy Resources founder Autry Stephens.

The transaction involved 9.1 million shares. The sale price was set at $205.80 per share.

SGF Capital acquired the position through the 2024 merger of the two producers. Diamondback Energy did not sell any shares in the offering. The company will not receive any proceeds from the sale.