Diamondback Energy Acquisition Rumor Shoots Stock Up 4%

Diamondback Energy FANG has gained over four percent after a report it might be acquired by Spanish multinational oil and gas company Repsol SA REPYY.

At least four analysts also raised their price target in Diamondback Wednesday, broadly citing the company's outlook and valuation.

The report, in Spanish language news service Confidencial Digital, cited unnamed "industry sources" and said Repsol would use cash from its recent $5 billion settlement with Argentina concerning that government's expropriation of Repsol's YPF unit.

Confidencial also said Repsol was in talks that might lead to its acquisition of Athabasca Oil ATHOF.

Repsol had reportedly made a failed bid for the Norwegian assets of Marathon Oil MRO, which were sold to Det Norske for $2.7 billion.

Diamondback was last up 4.13 percent at $90.31 per share.