UPDATE: Goldman Sachs Reinstates Diamondback Energy (FANG) at Buy
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Goldman Sachs analyst Neil Mehta reinstates coverage on Diamondback Energy (NASDAQ: FANG) with a Buy rating and a price target of $99.00.
The analyst comments "We believe FANG's counter-cyclical acquisitions are accretive to FCF/corporate returns and provide line-of-sight to leverage reduction and incremental return of capital to shareholders. Given FANG's attractive FCF, recent favorable production/capex execution and improved inventory outlook post the acquisitions, we see potential for shares to trade inline with large-cap peers (PXD/EOG/DVN) on FCF and benefit from debt reduction."
Shares of Diamondback Energy closed at $77.67 yesterday.
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