Raymond James raised the firm’s price target on Diamondback Energy (FANG) to $204 from $190 and keeps a Strong Buy rating on the shares. Diamondback reduced their budget by 10%, while oil production guidance fell by just 1%, again highlighting the company’s continued efficiency gains, the analyst tells investors in a research note. Diamondback’s combination of industry leading well-level returns and core remaining inventory life support a higher valuation, the firm argues.
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