10:30 AM EDT, 05/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of $205, up $22, reflects a 6.9x multiple of EV to projected '24 EBITDA, above FANG's historical average. We think a premium is merited as FANG has major debt maturing until '26. We lift our '24 EPS view by $1.36 to $19.00 and '25's by $1.54 to $20.46. Q1 EPS of $4.50 vs. $4.10, beat consensus by $0.07. Q1 revenue ($2.2B) rose 16% Y/Y, while production(461k boe/d) grew 8%. FANG reiterated its '24 guide, with expected production to be in the range of 458k-466k boe/d (vs. 448k boe/d in '23), while capex is expected to be in the range of $2.3B-$2.55B (vs. $2.7B). FANG noted on April 26 that it had received shareholder approval for the proposed acquisition of privately-held Endeavor. In addition, FANG also noted it had received a second request from the FTC regarding the deal on April 30, making it the fifth oil and gas deal since December to receive a second request; however, we do not believe the request should impact FANG's ability to close the Endeavor acquisition by Q4 24.