Wall Street Bullish on Diamondback Energy (FANG), Here's Why

Diamondback Energy, Inc. (NASDAQ:FANG) is one of the Ridiculously Cheap Stocks to Buy According to Analysts. On September 2, Diamondback Energy, Inc. (NASDAQ:FANG) announced selling its 27.5% stake in EPIC Crude Holdings to Plains All American Pipeline for about $500 million upfront in cash.

Management noted that in addition to $500 million, there is also up to $96 million in additional contingent payments if EPIC Crude approves a capacity expansion by the end of 2027. The deal values EPIC Crude at $2.85 billion upfront, with a total potential value, including the contingency, of about $3.2 billion. The transaction is expected to close by early 2026 after regulatory review.

Wall Street has been bullish on Diamondback Energy, Inc. (NASDAQ:FANG) since the announcement. On September 4, Arun Jayaram from J.P. Morgan reiterated a Buy rating on the stock while raising the price target from $164 to $167. More recently, on September 12, Gabriele Sorbara from Siebert Williams Securities also reiterated a Buy rating on the stock with a price target of $180.

Diamondback Energy, Inc. (NASDAQ:FANG) is an independent oil and natural gas company that focuses on exploring, acquiring, and developing onshore unconventional reserves in the Permian Basin, West Texas.

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Disclosure: None. This article is originally published at Insider Monkey.