Diamondback Energy (FANG) PT Raised to $205 at JPMorgan

JPMorgan analyst Arun Jayaram raised the price target on Diamondback Energy (NASDAQ: FANG) to $205.00 (from $182.00) while maintaining a Overweight rating.

The analyst comments "Low-cost operator with improving capital efficiency and focus on cash return: FANG has built a business that sits at the low end of the cost curve in the Midland Basin, and the company is focused on improving capital efficiency through driving incremental efficiency gains in the field. FANG should generate flat to low-single-digit volume growth while returning 50% of FCF to shareholders on a quarterly basis. FANG remains one of the best operators in U.S. Shale and continues to drive efficiency gains in the field, and the addition of the Endeavor assets will give FANG incremental inventory to deliver long-term value in the Permian."

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