Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     

DIAMONDBACK ENERGY, INC.

(FANG)
  Report
Delayed Nasdaq  -  04:00:01 2023-01-27 pm EST
150.96 USD   +0.71%
01/26Raymond James Adjusts Price Target on Diamondback Energy to $205 From $200, Maintains Strong Buy Rating
MT
01/25Wells Fargo Initiates Coverage on Diamondback Energy at Overweight With $181 Price Target
MT
01/24Morgan Stanley Adjusts Price Target on Diamondback Energy to $168 From $180, Maintains Overweight Rating
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

U.S. oil & gas M&A hit 17-year low; big firms dominate deals-report

01/24/2023 | 09:34am EST
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County

(Reuters) - U.S. oil and gas deal-making declined by 13% last year to $58 billion compared to 2021, according to energy technology firm Enverus, with the volume of activity hitting its lowest level since 2005 as buyers became more choosy about asset purchases.

The decline comes as large companies with strong balance sheets are targeting the best properties in deals valued upwards of a billion dollars, while smaller firms with discounted equity have been unable to find financially attractive assets, Enverus wrote in a note on Tuesday.

Oil companies are also grappling with less productive wells, with some viewing asset purchases as a way to keep oil and gas flowing. Larger companies with better inventories tend to have a premium built into their stock, giving them more buying power, Enverus wrote.

"It's a market where the rich get richer," said Andrew Dittmar, a director at Enverus who focuses on mergers and acquisitions.

Publicly traded U.S. shale firm Diamondback Energy added some 500 drilling locations to its portfolio by spending $3 billion to purchase Lario Oil & Gas and Firebird Energy during the fourth quarter. Both deals were focused on the Midland Basin in Texas.

Diamondback's added inventory was "more of a luxury than a necessity," Dittmar said of those deals.

Rival Marathon Oil, which already had about 10 years of drilling locations, added some 550 more when it purchased privately held Ensign Natural Resources in the Eagle Ford for $3 billion in November.

"There are a few options available for small-cap companies struggling to secure inventory in the current market," Dittmar said, adding that the need to secure inventory will likely support deal-making this year.

He anticipates smaller companies may look to build their inventories piecemeal, creating a higher-volume but lower deal value mergers and acquisitions market, or look at non-core assets larger companies are shedding.

(Reporting by Liz Hampton in Denver; Editing by Muralikumar Anantharaman)

By Liz Hampton


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -1.57% 86.05 Delayed Quote.0.27%
DIAMONDBACK ENERGY, INC. 0.71% 150.96 Delayed Quote.9.58%
MARATHON OIL CORPORATION -1.56% 28.31 Delayed Quote.2.92%
WTI -2.02% 79.45 Delayed Quote.0.09%
All news about DIAMONDBACK ENERGY, INC.
01/26Raymond James Adjusts Price Target on Diamondback Energy to $205 From $200, Maintains S..
MT
01/25Wells Fargo Initiates Coverage on Diamondback Energy at Overweight With $181 Price Targ..
MT
01/24Morgan Stanley Adjusts Price Target on Diamondback Energy to $168 From $180, Maintains ..
MT
01/24U.S. oil & gas M&A hit 17-year low; big firms dominate deals-report
RE
01/23Barclays Adjusts Diamondback Energy Price Target to $166 From $173, Maintains Overweigh..
MT
01/10Mizuho Assumes Diamondback Energy With Buy Rating, Adjusts Price Target to $195 From $2..
MT
01/09Diamondback Energy, Inc. Schedules Fourth Quarter 2022 Conference Call for February 22,..
AQ
2022Analyst recommendations: Chesapeake Energy, Cigna, Diamondback E..
MS
2022Goldman Sachs Adjusts Price Target on Diamondback Energy to $173 From $175, Maintains B..
MT
2022TPH Research Shifts Preference Toward Large-Cap Oil Names During Q4
MT
More news
Analyst Recommendations on DIAMONDBACK ENERGY, INC.
More recommendations
Financials (USD)
Sales 2022 9 463 M - -
Net income 2022 4 368 M - -
Net Debt 2022 5 676 M - -
P/E ratio 2022 6,14x
Yield 2022 5,90%
Capitalization 27 453 M 27 453 M -
EV / Sales 2022 3,50x
EV / Sales 2023 3,63x
Nbr of Employees 870
Free-Float 99,5%
Chart DIAMONDBACK ENERGY, INC.
Duration : Period :
Diamondback Energy, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends DIAMONDBACK ENERGY, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 31
Last Close Price 150,96 $
Average target price 178,13 $
Spread / Average Target 18,0%
EPS Revisions
Managers and Directors
Travis D. Stice Chairman & Chief Executive Officer
Matthew Kaes Van't Hof President & Chief Financial Officer
David L. Cannon Vice President-Geoscience
Greg Dolezal Vice President-Information Technology
Daniel N. Wesson Chief Operating Officer & Executive Vice President
Sector and Competitors
1st jan.Capi. (M$)
DIAMONDBACK ENERGY, INC.9.58%27 259
CHEVRON CORPORATION-0.23%363 118
CONOCOPHILLIPS2.01%155 323
EOG RESOURCES, INC.4.95%79 844
CNOOC LIMITED15.03%69 751
CANADIAN NATURAL RESOURCES LIMITED7.83%67 204