Mizuho analyst Nitin Kumar lowered the firm’s price target on Diamondback Energy to $177 from $178 and keeps a Buy rating on the shares. The analyst updated the company’s model ahead of the Q4 report. Although Diamondback had previously indicated a 2024 capital budget outlook of $2.5B for low-single-digit growth, management may elect to move to maintenance activity levels given a weak macroeconomic outlook, the analyst tells investors in a research note.
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