Diamondback Energy price target raised to $169 from $160 at Wells Fargo

Wells Fargo raised the firm’s price target on Diamondback Energy (FANG) to $169 from $160 and keeps an Overweight rating on the shares. The firm notes management reiterated that the macro backdrop still warrants a “yellow light” approach heading into 2026. While the supply side presents a wide range of potential outcomes, limiting visibility and making a growth posture premature. Against this backdrop, Diamondback is prioritizing efficiency improvements, lowering breakevens, and reinforcing free cash flow resilience, while keeping the organization positioned to accelerate activity should market conditions become more supportive, Wells adds.