Diamondback Energy, Inc. (FANG) PT Increased at Citigroup on Higher Oil Price Outlook

Citigroup has increased its price target for Diamondback Energy, Inc. (FANG) to $230 from $178, maintaining a Buy rating, due to an updated outlook for higher oil prices. This news follows a recent secondary public offering of 11,000,000 common shares by FANG’s largest shareholder, SGF FANG Holdings, LP, expected to generate approximately $1.9 billion, none of which will go to Diamondback Energy. The company focuses on oil and natural gas exploration and production in the Permian Basin.

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