Canaccord Genuity Reiterates Buy on Diamondback Energy (FANG)
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- China Oceanwide to Acquire Genworth Financial (GNW) for $2.7B
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- AMD (AMD) Q3 'Solid' - Jefferies
- Jefferies Cuts Price Target on Boston Beer Co. (SAM) to $140 Following Weak 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesCanaccord Genuity
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!