Canaccord Genuity Reiterates Buy on Diamondback Energy (FANG)
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Canaccord Genuity reiterated a Buy rating on Diamondback Energy (NASDAQ: FANG), and raised the price target to $116.00 (from $103.00), after adjusting estimates. FANG reported production of 44.9 MBoe/d for Q3/16, beating the consensus estimate of 38.8 MBoe/d. New 2017 estimates of 58.4 MBoe/d come just above the high end of FANG's range (52-58 MBoe/d). With new growth assumptions, FANG now ranks #2 in Canaccord's 10-stock Permian coverage on debt-adjusted cash flow growth.
Analyst Sam Burwell commented, "To put the company's 2017 preliminary guidance in perspective, the new range was not only above previous consensus (48.6 MBoe/d), but nearly surpassed our prior number also which had been one of the highest on the Street (52.3 MBoe/d). The impressive guidance illustrates why FANG should continue to be one of the top performers in the Permian. Such growth is made possible by a depth of quality inventory in both the Midland and Delaware Basins, top-tier corporate-level capital efficiency and a sterling balance sheet, all of which help underpin our BUY thesis."
Shares of Diamondback Energy closed at $105.21 yesterday.
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