Diamondback Energy Inc ( FANG ) shares climbed nearly 3% on Tuesday. Here’s a look at what’s going on.

What To Know: Diamondback Energy ( FANG ) shares traded higher Tuesday as energy stocks jumped amid rising Middle East tensions. Iran launched an attack on Israel following the recent killing of Hezbollah leader Hassan Nasrallah. Iran reportedly fired between 100 and 200 missiles towards Israel on Tuesday.

Diamondback Energy ( FANG ) may have also gotten a lift after Wells Fargo analyst Roger Read maintained an Overweight rating on the stock Tuesday morning. Read lowered Wells Fargo’s price target from $230 to $219, but the price objective remains well above current levels.

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 ( FANG ) 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.

The acquisition had a total consideration of approximately $459 million in cash, the issuance of approximately 10.1 million OpCo units to Tumbleweed Royalty and an option granted to Tumbleweed to acquire the same number of shares of Viper’s Class B common stock as the OpCo units. 

Diamondback Energy ( FANG ) 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.

Diamondback is scheduled to report third-quarter financial results on Nov. 4. Analysts expect the company to report earnings of $4.56 per share and revenue of $2.331 billion, according to estimates from Benzinga Pro.

FANG Price Action: Diamondback Energy ( FANG ) shares closed Tuesday up 2.97% at $177.52, according to Benzinga Pro.