Diamondback Energy initiated with an Outperform at Bernstein

Bernstein initiated coverage of Diamondback Energy with an Outperform rating and $243 price target. The analyst sees Diamondback as the “last and best oil sandbox.” Diamondback has emerged as a “Midland Basin powerhouse” and arguably its legacy Delaware position is of less focus and might help another operator get to scale or preserve scale, the analyst tells investors in a research note.