Diamondback Energy price target raised to $173 from $160 at RBC Capital

RBC Capital raised the firm’s price target on Diamondback Energy (FANG) to $173 from $160 and keeps an Outperform rating on the shares. The management will likely maintain the current course with its ‘yellow light’ scenario that addresses some commodity macro uncertainty and which warrants running a maintenance production profile, the analyst tells investors in a research note. RBC adds that it expects all variable shareholder returns as buybacks given persistent equity price weakness, the firm added.