Diamondback Energy price target raised to $237 from $232 at Raymond James

Raymond James raised the firm’s price target on Diamondback Energy (FANG) to $237 from $232 and keeps a Strong Buy rating on the shares. Since Diamondback pre-released production, capex, and pricing, there were no surprises on the top-line items, but the company did execute an acreage trade to further core up their Midland Basin position while offloading some legacy PDP heavy acreage in the Delaware, the analyst tells investors in a research note. Raymond James raised its 2025 production estimates by 10 mboe/d largely on the back of higher NGL and gas volumes than it had originally modeled, and lowered its 2025 capex estimate to $4B vs. $4.25B previously.