NEW YORK (TheStreet) -- Shares of Diamondback Energy Inc. (FANG) are trading higher 4.37% to $68.50 on Friday, after their target price was raised to a Street-high of $80 from $74 at Mizhuo Financial (MFG).
Mizhuo cites Diamondback's better than expected guidance from Thursday's operation's update as the reason for the target price increase.
The company reported production for Q1 increased 30% quarter over quarter to 13.6 million beo/day, with a quarter-end exit rate in excess of 16 million boe/day.
Full year 2014 production guidance increased 10% to 16 to 18 million boe/day from 15 to 16 million boe/day.
TheStreet Ratings team rates DIAMONDBACK ENERGY INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate DIAMONDBACK ENERGY INC (FANG) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."
Highlights from the analysis by TheStreet Ratings Team goes as follows: