Morgan Stanley analyst Devin McDermott maintained a Buy rating on Diamondback (FANG – Research Report) today and set a price target of $227.00.
Devin McDermott has given his Buy rating due to a combination of factors that highlight Diamondback’s strong financial and operational performance. The company reported impressive fourth-quarter results, with EBITDA and cash flow per share exceeding market expectations. Additionally, Diamondback’s total production surpassed both consensus and Morgan Stanley’s estimates, showcasing the company’s operational efficiency and strong well performance.
Moreover, the company has successfully managed to reduce its capital expenditures, coming in below both guidance and consensus figures, which indicates improved capital efficiency. The strategic acquisition of Double Eagle is expected to enhance production capabilities while maintaining a lower capex outlook. Furthermore, Diamondback’s plans for asset sales and infrastructure investments are poised to strengthen its financial position, making it an attractive investment opportunity.
In another report released today, J.P. Morgan also reiterated a Buy rating on the stock with a $212.00 price target.