Wells Fargo lowered the firm’s price target on Diamondback Energy to $230 from $231 and keeps an Overweight rating on the shares as part of a broader research note on the Exploration & Production sector following Q2 results and reflecting revisions to proved reserves, development schedule and well cost assumptions. The company’s operational enhancements continue to drive out-performance on oil/total production, with Q2 total output of 475 Mboed exceeding consensus estimates by 2%, the analyst tells investors in a research note.
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