Diamondback Energy (FANG) Q1 analyst's note - May 10

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dan_s
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Diamondback Energy (FANG) Q1 analyst's note - May 10

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Scott Hanold (Analyst) at RBC Capital
Diamondback Energy Inc (NASDAQ: FANG; 132.91) Published May 9 2023 21:07:41 EDT
1Q23 Update; Keeping It Flexible
Rating: Outperform
Price Target: 175.00

Our view: FANG remains our top large-cap pick given its continued strong
operational and financial performance and above average FCF yield. We think
management remains highly opportunistic with stock buybacks and are likely
buyers at current price levels. Recent acquisitions appear fairly well integrated and
the balance sheet remains solid, with some strengthening potentially coming from
non-core asset sales.
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FANG lowered their variable dividend but significantly increased their Stock Buyback program.
Dan Steffens
Energy Prospectus Group
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