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In a report published Wednesday, Miller Tabak analyst Adam Michael initiated coverage on Diamondback Energy (NASDAQ: FANG) with a Buy rating and $43.00 price target.
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In the report, Miller Tabak noted, “Diamondback Energy holds a core acreage position in the heart of the Wolfberry where a transition from vertical well development to targeted horizontal development across multiple stacked pay horizons is underway. The move to horizontal drilling is allowing for greater recovery of the oil in place, and increased operational efficiencies which will continue to drive rates of return from the mid 20's for vertical wells to 40%+ for horizontal wells. Rates of return should continue to improve in the horizontal developmental drilling program as drilling costs continue to come down and as an optimum completion technique is defined. Currently, Diamondback is focused on horizontal development of the Wolfcamp B interval, but it also has the ability to be a ‘fast follower' in other horizons due to the large amount of capital being deployed by other larger operators in the area. We consider Diamondback one of the most under-levered E&P's in our universe which will provide for maximum flexibility to take advantage of strategic acquisitions or accelerate its drilling program. We are initiating coverage with a Buy rating and $43 price target based on our risk-adjusted NAV, which represents ~ 5.7x our 2014 estimate of discretionary cash flow.”
Diamondback Energy closed on Tuesday at $37.71.