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CM - Analyst Notes - June 21, 2019
Diamondback Energy Corp. (NYSE: FANG; $101.58-June 17; Overweight) We continue to reiterate FANG as a name to own in both a defensive and an offensive environment. The company noted that in a draconian scenario its maintenance mode (14 – 15 rigs or ~$1 Bn D&C program) can easily cover the dividend. We recently tested FANG in maintenance mode and saw ~$700mm of FCF after dividends and a ~4.5% FCF yield at a leverage profile of sub-1x in 2020 at......
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