From Financial Modeling Prep: 2024-10-16 12:47:00

KeyBanc analysts lowered their price target for Diamondback Energy (NASDAQ:FANG) to $216 from $225, maintaining an Overweight rating due to limited new developments expected in the company’s third-quarter earnings. They are eager to see how the company integrates operational efficiencies from its second-quarter update into the development of its Endeavor acreage.

Diamondback is not expected to include Endeavor mineral interests until early 2025, but analysts are looking for clarity on future cash returns and deleveraging strategies. The updated price target considers adjusted forecasts for oil, natural gas, and NGL prices, as well as the impact of the company’s basis swap portfolio amid recent fluctuations in regional natural gas prices.



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