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FANG

Diamondback Energy

$94.70

-0.34 (-0.36%)

12:42
10/10/16
10/10
12:42
10/10/16
12:42

Diamondback Energy surges on production guidance hike

Shares of Diamondback Energy (FANG) surged in afternoon trading after the independent oil and gas company raised its fiscal 2016 production guidance and provided an outlook for fiscal 2017. The company also confirmed that it was engaged in discussions over a potential acquisition, but that is no longer pursuing further talks. GUIDANCE: Before the market open, Diamondback Energy provided a corporate update, saying that average daily production during the third quarter was 44,923 barrels of oil equivalent per day, up 22% from the daily production average in the second quarter of 36,841 boe/d. Looking ahead, the company raised its FY16 production view to a range of 41-42 Mboe/d, marking a 6% increase from the midpoint of the July guidance range of 38-40 Mboe/d, citing continued strong well performance. Diamondback added that its FY16 capital expenditure guidance remains the same at $350M-$424M and that it plans to add a fifth rig "in the coming weeks." The company also narrowed its FY16 lease operating expense view to $5.50-$6.00 per boe from the previous range of $5.50-$6.25 per boe as a result of "continued cost savings and efficiency improvements." In addition, Diamondback provided an outlook for FY17, saying that preliminary FY17 production is expected to be in the range of 52-58 Mboe/d. ACQUISITION TALKS: Separately, Diamondback Energy chief executive officer Travis Stice said that the company is "ideally positioned" to pursue additional transactions. Stice also confirmed rumors that the company was engaged in talks involving an acquisition but is "not actively pursuing further negotiations at this time." WHAT'S NOTABLE: On September 30, The Wall Street Journal reported that Diamondback Energy was nearing a deal to acquire Silver Hill Energy Partners. People familiar with the matter told the publication that Diamondback was the likely winner of an auction for private-equity owned Silver Hill. A deal for Silver Hill could value it at roughly $2.5B, The Journal said at the time. PRICE ACTION: In afternoon trading, Diamondback Energy rose 10.6% to $104.71.

FANG Diamondback Energy
$94.70

-0.34 (-0.36%)

08/03/16
WELS
08/03/16
NO CHANGE
WELS
Diamondback shares should react positively to well results, says Wells Fargo
Wells Fargo says that Howard County well results released by Diamondback Energy were "solid" and among the best results in the county to date. The firm expects the company's shares to react positively to the news. It keeps an Outperform rating on the stock.
08/08/16
ROTH
08/08/16
UPGRADE
Target $104
ROTH
Buy
Diamondback Energy upgraded to Buy from Neutral at Roth Capital
Roth Capital analyst John White upgraded Diamondback Energy to Buy from Neutral, citing the company's entrance into the Southern Delaware Basin, and noting that Diamondback Energy accelerated its drilling and completion activity, added its fourth drilling rig last month with the intention of a fifth rig, should commodity prices strengthen further. The analyst also raised his price target on the shares to $104 from $85.
08/29/16
WILL
08/29/16
INITIATION
Target $105
WILL
Hold
Diamondback Energy initiated with a Hold at Williams Capital
Williams Capital analyst Gabriele Sorbara started Diamondback Energy with a Hold rating and $105 price target.
10/05/16
MZHO
10/05/16
INITIATION
Target $105
MZHO
Buy
Diamondback Energy initiated with a Buy at Mizuho
Mizuho analyst Timothy Rezvan initiated Diamondback Energy with a Buy and a $105 price target.

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