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Wed, Jan. 13, 11:27 AM
- Diamondback Energy (FANG -0.1%) guides Q4 2015 production of 36-38 Mboe/day, placing FY 2015 production above its 31-32 Mboe/day guidance range, citing the continued strength of its operated completed wells as well as the completion of more non-operated wells than anticipated.
- FANG forecasts FY 2016 production of 34-38 Mboe/day, as it plans to complete 50-70 gross horizontal wells with total capital spending of $280M-$375M from a 2-3 rig program.
- FANG also launches an upsized 4M-share public offering, raising ~$226M, which it plans to use to repay the outstanding borrowings under its revolving credit facility, and to fund part of its exploration and development activities.
Dec. 9, 2015, 10:36 AM
- Concho Resources (CXO +2.3%) and Pioneer Natural Resources (PXD +4.3%) are named J.P. Morgan's top large-cap picks among E&P companies focused on the Permian Basin, which the firm says is positioned at the low end of the U.S. tight oil cost curve and thus poised to benefit from efficiency and productivity gains.
- CXO boasts a deep inventory of high rate of return locations in the Delaware Basin; given the company's success there, the firm sees the potential for a "positive rate of change" in the Midland Basin.
- Even though PXD has lagged its Permian peers over the past 12-18 months on a weaker capital efficiency metric, the firm expects the company to realize a positive turn in capital efficiency along with differential oil growth to drive outperformance.
- Parsley Energy (PE +4.2%) and Diamondback Energy (FANG +4.4%) are JPM's top small- and mid-cap picks; Cimarex (XEC +1.7%), Energen (EGN +1.8%) and RSP Permian (RSPP +2.6%) are rated Neutral, while Laredo Petroleum (LPI +4.7%) is tagged with an Underweight rating.
Dec. 2, 2015, 3:59 PM
- Diamondback Energy (FANG -1.8%) and Parsley Energy (PE -3.2%) are initiated with Buy ratings, and RSP Permian (RSPP -3.4%) is upgraded to Buy from Hold, at Deutsche Bank, although the stocks are snowed under by today's broad losses in energy sector.
- Deutsche Bank views FANG as one of the best positioned producers in the Permian Basin, complete with top-tier margins, growth, inventory, and liquidity; "It’s all systems go for FANG’s returns focused development program to continue generating peer-leading results," the firm writes.
- PE recently posted 52-week highs but the firm says it is well positioned to remain the fastest growing company in its oil-focused producer group "while generating strong returns from an enviable Wolfcamp position that is still in the early stages of horizontal development."
- The firm says RSPP offers the best combination of core acreage, debt adjusted growth and margins among mid-cap Permian focused producers and has executed its multi-year growth plan with minimal leverage, and it likes RSPP’s leverage to an improving crude outlook as it remains mostly unhedged in 2016.
Nov. 3, 2015, 4:02 PM
- Diamondback Energy (NASDAQ:FANG): Q3 EPS of $0.40 beats by $0.08.
- Revenue of $111.95M (-19.5% Y/Y) misses by $16.77M.
- Shares +0.71%.
Nov. 2, 2015, 5:35 PM
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Sep. 8, 2015, 2:56 PM
- Energy E&P companies could suffer ~50% downside to 2017 consensus estimates, Cowen analysts say as they downgrade two-third of their portfolio coverage in the sector amid a weak oil price environment.
- The firm cuts capital spending estimates for several names in the sector, which in turn cuts production and cash flow estimates, the firm says as it lowers its 2016 production and operating cash flow estimates by a respective 4% and 35% below consensus view; by 2017, it sees 10% downside to consensus production estimates and 51% downside to consensus cash flow estimates.
- Downgraded to Underperform from Market Perform: BBG, BCEI, CWEI, DNR, NOG.
- Downgraded to Market Perform from Outperform: CPE, FANG, PDCE, PE, SYRG.
- Maintained at Market perform: AXAS, EGN
- Maintained at Outperform: OAS, QEP, WLL
Aug. 25, 2015, 12:18 PM
- Occidental Petroleum (OXY +3.7%), Diamondback Energy (FANG +1.2%), Gulfport Energy (GPOR +3.3%) and Rice Energy (RICE +1.3%) are recommended by Sterne Agee CRT analyst Tim Rezvan as "high conviction long ideas" in the energy sector for investors wary of the group amid structural issues facing global oil markets that appear unlikely to abate this year.
- OXY shares are "an attractive port amid the current oil volatility storm," Rezvan writes, believing the sustainable 4.6% yield - vs. other less stable, higher yielding energy equities - should provide a floor for the shares near the current level.
- FANG is seen as an underlevered pure-play in a premier oil shale basin with no legacy assets to weigh on operating expenses, which the firm says maintains the lowest full-cycle costs in its coverage group.
Aug. 17, 2015, 12:15 PM
Aug. 13, 2015, 2:29 PM
- At least some E&P companies are still able to sell shares despite the oil price swoon, as Diamondback Energy (FANG -1.3%) raises $176M through a stock offering - its third this year.
- FANG has completed more follow-on stock sales than any other U.S. E&P firm this year, although at $623M it has not raised the most; Noble Energy (NBL +1.6%) and Whiting Petroleum (WLL -4.5%) each have sold more than $1B.
- Crude oil’s collapse has not stopped the sector raising more money so far in 2015 - $11.6B so far - than any entire year in at least two decades, which may indicate optimism about oil nearing a bottom and that at least some E&P companies are using capital more productively.
- If a FANG investor bought its three stock sales this year, weighted by the size of each, he actually would have gained 2%; while the shares of only 10 of 35 issues YTD are higher than the price at which they sold, the group as a whole has beaten the E&P sector average by almost eight percentage points this year, adjusted for size and offer date, WSJ's Liam Denning writes.
Aug. 12, 2015, 4:33 PM
- Diamondback Energy (NASDAQ:FANG) -2% AH after announcing a public offering of 2M common shares, with an underwriters option to purchase up to an additional 300K shares.
- FANG says it plans to use the proceeds to repay part of the outstanding borrowings under its revolving credit facility.
Aug. 12, 2015, 11:18 AM
- Diamondback Energy (FANG +0.6%) is maintained with a Buy rating at Roth Capital, as FANG's oil and gas reserves and production, decreasing well costs, decreasing lease operating expenses and low debt continue to generate an attractive upside compared to recent trading levels.
- FANG's Q2 earnings beat consensus estimates, and the company said it expects to complete 60-70 gross horizontal wells in 2015, up from the previous 55-65. and raised its 2015 production guidance to 30K-32K boe/day from 29K-31K boe/day, as a result of continued drilling and completion efficiencies.
- However, Roth lowers its price target for the shares to $80 from $93.50 because of its lower forecast for oil and natural gas prices.
Aug. 5, 2015, 4:35 PM
- Diamondback Energy (NASDAQ:FANG): Q2 EPS of $0.41 beats by $0.04.
- Revenue of $119.06M (-6.3% Y/Y) misses by $10.03M.
Aug. 4, 2015, 5:35 PM
- ABX, ACAS, ACXM, AEGR, AGU, ALB, AMTG, ANDE, AREX, ARNA, ATO, ATSG, AVG, AWK, AXLL, BEE, BGC, BREW, BRKR, BWXT, CBS, CCRN, CF, CJES, CLNE, CLR, CNAT, CODI, CORT, COUP, CPE, CSII, CSLT, CTL, CUTR, CXW, DCO, DNB, DPM, DXCM, ECHO, ECOL, ENS, EQC, ETE, ETP, FANG, FLT, FMC, FNGN, FOXA, FRT, FTD, FUEL, GBDC, GDDY, GMCR, GPOR, HABT, HDP, HI, HIVE, HLF, HR, IAG, ICPT, IL, IRWD, ITRI, JACK, JAZZ, JONE, KND, KW, LGCY, LHCG, LNT, MCHX, MED, MELI, MG, MITT, MNTX, MRIN, MRO, MUSA, NHI, NKTR, NLY, NOG, NP, OME, OPK, OSUR, PACB, PDLI, PFMT, PGTI, PHH, PMT, PNNT, POWR, PRI, PRU, PRXL, PSIX, RAIL, REG, RGLD, RIG, RLD, RP, RST, RYN, SBY, SD, SGI, SGMO, SGY, SHOR, SLF, SQNM, SSNI, STR, SUN, SWM, SXL, TCAP, TLLP, TRNX, TRQ, TS, TSLA, TSO, TTEC, TTMI, TTPH, TUMI, UHAL, UIL, VVC, WGL, WPX, WSR, WTI, WTW, XNPT, XPO, ZU
Jul. 1, 2015, 12:58 PM
- Diamondback Energy (FANG +0.2%) is initiated with an Overweight rating and $98 price target at Stephens, which believes FANG is well positioned to become a top-tier Permian producer.
- The firm says FANG's acquisition-related and organic growth have given it possession of multiple drilling locations, while management's focus on costs has led to impressive F&D and cash margins.
- Ample liquidity and a strong balance sheet provide FANG with the flexibility to accelerate the development of its high quality rock, and ongoing Lower and Middle Spraberry tests could continue to add to the company's inventory, Stephens says.
May 8, 2015, 7:52 AM
- Diamondback Energy (NASDAQ:FANG) announces a public offering of 3M common shares, with an underwriters option to purchase up to an additional 450K shares.
- FANG says it plans to use the proceeds to fund part of the purchase price for its pending acquisitions of additional acreage in the Midland Basin.
May 6, 2015, 4:48 PM
- Diamondback Energy (NASDAQ:FANG): Q1 EPS of $0.38 misses by $0.01.
- Revenue of $101.4M (+3.5% Y/Y) misses by $19.36M.
Diamondback Energy Inc is an independent oil and natural gas company. It is currently engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.
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