Canaccord Genuity Reiterates Buy on Diamondback Energy (FANG)

October 11, 2016 10:10 AM EDT
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Price: $103.11 +0.83%

Rating Summary:
    32 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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."

For an analyst ratings summary and ratings history on Diamondback Energy click here. For more ratings news on Diamondback Energy click here.

Shares of Diamondback Energy closed at $105.21 yesterday.

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