Diamondback Energy price target raised to $250 from $248 at Truist

Truist raised the firm’s price target on Diamondback Energy to $250 from $248 and keeps a Buy rating on the shares. The firm sees the company’s Q1 production as sequentially flat, while its moderately sequentially lower capital spend will return slightly lower free cash flows given the decline in quarterly commodity prices, the analyst tells investors in a research note. Truist adds however that Diamondback Energy is the only “oily” E&P in its coverage universe with higher 2021-2023 cumulative average production that will only improve as Endeavor fills strategic whitespace with a potential near-term close.