10 High Growth Energy Stocks To Invest In

2. Diamondback Energy Inc. (NASDAQ:FANG)

5-Year Revenue CAGR: 22.52%

Number of Hedge Fund Holders: 49

Diamondback Energy Inc. (NASDAQ:FANG) is an independent oil and natural gas company that focuses on the acquisition, development, exploration, and exploitation of oil and natural gas reserves in the Permian Basin in West Texas. Diamondback Energy Inc. (NASDAQ:FANG) ranks among the best high-growth stocks in the energy industry.

In the third quarter of 2024, the company drilled 71 wells in the Midland Basin and 5 in the Delaware Basin. Diamondback Energy Inc. (NASDAQ:FANG) successfully turned 87 wells into production in Midland and 8 in Delaware, showcasing its operational efficiency. With an average lateral length of 12,238 feet, these efforts underline the company’s commitment to maximizing resource extraction.

Diamondback Energy Inc. (NASDAQ:FANG) reported substantial capital expenditures of $688 million during the third quarter of 2024, which included $633 million on drilling and completions. The company also invested $52 million on infrastructure and environmental and $3 million on midstream. These investments reflect a robust strategy to enhance production capabilities and maintain growth momentum.

A notable highlight for Diamondback Energy Inc. (NASDAQ:FANG) was its merger with Endeavor Energy Resources, finalized on September 10, 2024. This merger not only expands the company’s asset base but also positions it as a stronger competitor in the North American oil market. Additionally, on November 3, 2024, Diamondback Energy Inc. (NASDAQ:FANG) entered into an agreement to trade certain Delaware Basin assets with TRP Energy, which is expected to improve the company’s cash flow and production profile. These developments make Diamondback Energy Inc. (NASDAQ:FANG) a compelling choice for investors looking for high-growth opportunities in the energy sector.