JPMorgan reinstated coverage of Diamondback Energy with an unchanged Overweight rating and price target of $182, up from $167, following a period of restriction due to the Endeavor acquisition. In an oil macro environment that may remain challenged in the near term given the pending return of OPEC+ barrels, Diamondback will be a relative outperformer given its position at the low end of the cost curve in the Midland Basin with sub-$45 per barrel dividend coverage, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FANG:
- Diamondback Energy upgraded to Overweight from Equal Weight at Barclays
- Diamondback Energy sees Q3 oil production 319-321 mbo/d
- Diamondback Energy price target lowered to $219 from $230 at Wells Fargo
- Diamondback Energy price target lowered to $209 from $235 at Evercore ISI
- Diamondback Energy price target lowered to $220 from $255 at Truist