Diamondback Energy (FANG) PT Lowered to $30 at Imperial Capital, a 23% Return from Here

Imperial Capital analyst Jason Wangler lowered the price target on Diamondback Energy (NASDAQ: FANG) to $30.00 (from $110.00) after the company reported revenues of $4.0bn, adjusted EBITDA of $3.0bn, and adjusted EPS of $6.48 during the latest 12 months (LTM) ended 12/31/19 and its 4Q19 oil and natural gas production came in at about 301,000 boe/day.

The analyst reiterated the Outperform rating, stating "Our price target is about 16% above the recent share price, and when including the current yield of about 7%, we calculate a potential one-year return of 23%. In response to the significant/rapid drop in oil prices, FANG has prudently slowed its capital spending plans and increased its hedge position as it works to position itself in the difficult energy environment".

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