UPDATE: KeyBanc Starts Diamondback Energy (FANG) at Overweight

(Updated - September 19, 2022 4:32 PM EDT)

KeyBanc analyst Tim Rezvan initiates coverage on Diamondback Energy (NASDAQ: FANG) with a Overweight rating and a price target of $163.00.

The analyst comments "Diamondback has unparalleled drilling economics from its ownership of royalties via Viper Energy Partners. The balance sheet is now right-sized following two large acquisitions in 2020. And we see a long runway of core inventory across both flanks of the Permian. Given the Company’s scale and drilling consistency in the Midland Basin, amid uneven results from peers, we disagree with the decision to shun growth, but we still see value vs. large cap peers and believe outsized dividends will attract incremental income investors."

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 $132.62 yesterday.

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