Diamondback Energy initiated with a Buy at Benchmark

Benchmark analyst Subash Chandra initiated coverage of Diamondback Energy with a Buy rating and $154 price target. The analyst cites the company’s focused operations, improving well productivity, and free cash flow per barrel that is among the highest of its peers. The firm adds that it expects “more of the same going forward” but also sees Diamondback positioned to benefit from service and materials cost deflation.