Street View: Diamondback story still positive despite Q3 profit estimate miss
** U.S. shale oil producer Diamondback Energy FANG.O missed estimates for Q3 profit on Monday after markets close due to lower prices, but forecast for 2024 production got a boost from its $26 billion acquisition of Endeavor
** Median PT of 29 analysts at $215
COST SAVINGS, EFFICIENCY GAINS HELP DIAMONDBACK
** TD Cowen ("buy", PT: $255) says "the print shared encouraging efficiency gains after capex was ~1% below consensus in Q3 and is guided 3% below in Q4"
** "Capital synergies are already 17% better than anticipated on footage costs, creating positive efficiency bias for 2025" - TD Cowen
** Raymond James ("strong buy", PT: $232) says asset swap with TRP Energy suited for FANG's near-term development plan "as the Delaware (basin) has long been a secondary piece of FANG's position"
** Siebert Williams Shank & Co ("buy", PT: $230) says "we reaffirm our "buy" rating as FANG is positioned with a strong sustainable FCF yield supported by its best-in-class Permian Basin assets"
Reporting by Seher Dareen in Bengaluru
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