TD Cowen analyst David Deckelbaum maintained a Buy rating on Diamondback today and set a price target of $175.00.
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David Deckelbaum has given his Buy rating due to a combination of factors that highlight Diamondback’s strong financial performance and strategic management. The company exceeded expectations with a 15% free cash flow beat, driven by a 9% reduction in lease operating expenses and modestly increased production guidance. Additionally, Diamondback’s management has shown prudence by cutting capital expenditures by 3% while maintaining a focus on managing through a high drilled but uncompleted well backlog.
Furthermore, Diamondback’s strategic initiatives, such as maintaining a stable dividend yield and actively repurchasing shares at a discount, underscore its commitment to returning capital to shareholders. The company has also made significant strides in debt reduction and asset sales, which are expected to support its long-term financial goals. These factors, combined with a positive outlook for production and cost management, contribute to Deckelbaum’s optimistic view on Diamondback’s stock.
In another report released today, Roth MKM also maintained a Buy rating on the stock with a $160.00 price target.
Based on the recent corporate insider activity of 53 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of FANG in relation to earlier this year.