Diamondback Energy price target raised to $190 from $165 at Raymond James

Raymond James analyst John Freeman raised the firm’s price target on Diamondback Energy to $190 from $165 and keeps a Strong Buy rating on the shares. The firm is modeling 1Q23 oil volumes of 250 Mbo/d and total production of 419 Mboe/d, both in line with consensus, and thinks there will be tailwinds later in the year due to additional e-fleets and less inflationary pressures that keep FY23 capex at the mid-point of guidance or possibly even slightly below, the analyst tells investors in a research note.