Bernstein Reiterates Outperform on Diamondback Energy (FANG) Amid Oil Supply Concerns

On May 11, Bernstein expert Bob Brackett raised the firm’s terms proposal connected Diamondback Energy Inc. (NASDAQ:FANG) to $241 from $237. The expert reiterated an Outperform standing connected the shares. The steadfast said lipid markets could inactive determination successful respective directions from here, including utmost scenarios specified arsenic the Strait of Hormuz remaining closed for years. Even so, Bernstein updated its models based connected the presumption that conditions would instrumentality to mean by mid-year.

On May 7, Truist accrued its terms extremity connected FANG to $242 from $222. It kept a Buy standing connected the stock. The expert noted that successful Permian activity, Diamondback benefits from seeing astir fractional of the basin’s enactment done Viper. The steadfast besides said it did not spot thing caller connected the permitting broadside but observed that backstage rigs are being added. Based connected those trends, Truist estimates the Permian rig number could emergence by 25 to 30 rigs by the extremity of 2026, according to a probe enactment sent to investors.

Diamondback Energy Inc. (NASDAQ:FANG) is an autarkic lipid and earthy state institution focused connected the acquisition, development, exploration, and exploitation of unconventional onshore lipid and earthy state reserves, chiefly successful the Permian Basin of West Texas.

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