Citi Reiterates Neutral Rating on Diamondback Energy (FANG)

Citi analyst Scott Gruber reiterated a Neutral rating and $195.00 price target on Diamondback Energy (NASDAQ: FANG)

The analyst comments "We caught up with FANG and update our model for FANG’s supplemental guidance, tweaking commodity price realizations, share count, and hedging gain/losses. We estimate 4Q CFPS of $7.67 (current consensus average at $7.57). Looking ahead to 2025, we think management could slightly tweak their outlook from slight growth toward more of a pure maintenance program, with a focus on FCF generation and per share metrics. This likely equates to a capital program closer to $4.1b and 470-480mbo/d of oil production. After having driven down D&C costs to $600/ft, incremental improvements likely slow from here. Well productivity in the Midland continues to be a positive trend for FANG. Ongoing improvements have been attributed to: (1) the use of HAL’s frac optimization software and tweaks to completion methods; and (2) success in targeting different zones."

For an analyst ratings summary and ratings history on Diamondback Energy click here. For more ratings news on Diamondback Energy click here.

Shares of Diamondback Energy closed at $176.63 yesterday.

You May Also Be Interested In

• Wells Fargo Upgrades Invitation Homes (INVH) to Overweight
• Needham Reiterates Buy Rating on Zeta Global Holdings Corp (ZETA)
• Evercore ISI Starts Procept BioRobotics Corp (PRCT) at Outperform