Bank of America Corp DE Raises Stock Position in Viper Energy Inc. $VNOM

Key Points

• Bank of America increased its Viper Energy stake by 24% in the first quarter, adding 154,032 shares to reach 795,347 shares valued at approximately $37.4 million. Institutional investors collectively own 87.72% of the company.
• Viper Energy reported quarterly EPS of $0.76, in line with estimates, while revenue reached $677 million—up 127.9% year over year and above expectations.
• The company declared a special dividend of $0.29 per share, payable August 20 to shareholders of record August 13. Analysts maintain a “Moderate Buy” consensus with an average price target of $57.07, compared with a recent share price of $42.29.

Bank of America Corp DE raised its stake in shares of Viper Energy Inc. (NASDAQ:VNOM - Free Report) by 24.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 795,347 shares of the oil and gas producer's stock after purchasing an additional 154,032 shares during the period. Bank of America Corp DE owned 0.22% of Viper Energy worth $37,373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new position in Viper Energy during the 4th quarter valued at $27,000. Parallel Advisors LLC increased its position in Viper Energy by 31.2% during the 1st quarter. Parallel Advisors LLC now owns 1,354 shares of the oil and gas producer's stock valued at $64,000 after purchasing an additional 322 shares during the period. UMB Bank n.a. bought a new position in Viper Energy in the fourth quarter worth approximately $64,000. Clearstead Advisors LLC raised its position in shares of Viper Energy by 50.9% in the 4th quarter. Clearstead Advisors LLC now owns 1,940 shares of the oil and gas producer's stock worth $75,000 after acquiring an additional 654 shares in the last quarter. Finally, Strive Financial Group LLC purchased a new stake in shares of Viper Energy during the fourth quarter valued at about $97,000. Institutional investors own 87.72% of the company's stock.

Viper Energy Stock Up 2.5%

VNOM opened at $42.29 on Friday. Viper Energy Inc. has a one year low of $35.10 and a one year high of $51.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.37 and a current ratio of 6.37. The stock has a market capitalization of $15.18 billion, a P/E ratio of 325.33 and a beta of 0.40. The business's 50-day simple moving average is $43.08 and its 200-day simple moving average is $44.81.

Viper Energy (NASDAQ:VNOM - Get Free Report) last announced its earnings results on Monday, August 3rd. The oil and gas producer reported $0.76 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.76. The firm had revenue of $677.00 million during the quarter, compared to analysts' expectations of $643.45 million. Viper Energy had a return on equity of 3.43% and a net margin of 2.89%.The business's revenue was up 127.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 EPS. Analysts anticipate that Viper Energy Inc. will post 2.54 EPS for the current year.

Viper Energy Announces Dividend

The firm also recently declared a special dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 13th will be paid a dividend of $0.29 per share. The ex-dividend date is Thursday, August 13th. This represents a yield of 281.0%. Viper Energy's dividend payout ratio is currently 1,169.23%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on VNOM shares. Wall Street Zen downgraded Viper Energy from a "buy" rating to a "hold" rating in a report on Saturday, July 4th. Zacks Research cut Viper Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 10th. Wells Fargo & Company increased their price objective on shares of Viper Energy from $60.00 to $61.00 and gave the company an "overweight" rating in a report on Friday, May 15th. Raymond James Financial set a $57.00 price target on Viper Energy in a research note on Friday, July 31st. Finally, Mizuho dropped their price objective on shares of Viper Energy from $58.00 to $56.00 and set an "outperform" rating for the company in a research note on Tuesday, August 4th. Seventeen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $57.07.

About Viper Energy

Viper Energy Partners LP is a publicly traded master limited partnership that owns and intends to acquire mineral and royalty interests in oil and natural gas properties. As a pass-through entity, Viper Energy Partners does not engage in drilling or production operations directly; instead, it generates revenues by holding overriding royalty interests, mineral fee interests and royalty fee interests. These interests entitle the partnership to receive a percentage of the proceeds from hydrocarbons produced and sold by third-party operators.

The partnership's assets are concentrated in the Permian Basin, with a primary focus on the Delaware Basin region of West Texas and southeastern New Mexico.

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