Diamondback Energy Inc

FANG: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$161.00	Hdbgh	Wybrpngy

Diamondback: Raising Fair Value Estimate to $172 After Deeper Review of Endeavor Deal

Stephen Ellis ,

Apr 8, 2024

After taking a deeper dive through the Endeavor assets and merger materials, we are raising our Diamondback fair value estimate to $172 from $161 per share. The major changes are reducing our cycle times for the Midland, Delaware, and Endeavor assets to more closely match expected actuals post-close. These changes increase our expected capital spending levels and production in the near term. Our narrow moat rating is unchanged.

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