Posted October 24, 2018 08:07:23A new report by Bloomberg shows that the energy drink giant Diamondback Energy has gained as much as 10% this year, with a 10% jump in its shares.
According to Bloomberg’s data, Diamondback has been up 7% in the last 24 hours.
Diamondback shares have risen as much or more than 20% this morning.
While it has been down a lot over the last month, the stock has now climbed to its highest level in three months.
The report said that Diamondback’s performance has been driven by two factors.
First, Diamondbacks recent acquisition of The Hive Energy Group, which owns the energy drinks giant’s brands such as Blue Point, Blue Dream and Dream, has allowed it to gain a larger share of the energy market.
Second, the company is also investing heavily in its marketing, which is helping to drive its growth.
Last week, Diamondhead posted an earnings report, but it only provided a small glimpse into what it is planning to do for the future.
A statement from the company was released last week saying that it will start selling energy drinks and “a variety of other beverages in 2018.”
The company will also invest heavily in building new facilities to expand its energy drink offerings and is in the process of opening new brands, the statement said.
Diamondback shares jumped 5.8% in trading this morning to $11.30, as investors were looking for a big jump in the stock.
For more market news, see the top 10 stocks in 2018, and our top picks for the top 20 stocks.
Follow CNBC International on Twitter and Facebook.