Diamondback Energy reinstated with a Neutral at BofA

BofA analyst Kalei Akamine reinstated coverage of Diamondback Energy with a Neutral rating and $201 price target. The company has benefitted from the takeout of Pioneer by ExxonMobil, which created a vacuum in the opportunity set for large cap pure play exposure to Permian oil leverage, the analyst tells investors in a research note. The firm believes benefits from Diamondback’s accretive merger with Endeavor is largely reflected in the current share price, leaving minimal upside to fair value.