KeyBanc raised the firm’s price target on Diamondback Energy to $183 from $171 and keeps an Overweight rating on the shares. The firm’s updated estimates reflect its revised oil, natural gas, and NGL pricing expectations, as well as actual Q3 realizations reported by the company in early October. In addition, KeyBanc adjusts repurchase and variable dividend assumptions to calibrate assumptions for recent strength in Diamondback Energy’s shares, which may affect the intensity of repurchases, given its stated goal of returning 75% of more of free cash flow to shareholders.
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