Bornite Capital Management LP Acquires Shares of 500,000 Viper Energy Inc. (NASDAQ:VNOM)

Key Points

• Bornite Capital Management LP purchased 500,000 shares of Viper Energy Inc. for approximately $22.57 million, making it the 6th largest holding in their investment portfolio.
• Viper Energy reported a quarterly earnings per share of $0.41, exceeding analyst expectations, along with a revenue increase of 37.1% year-over-year.
• The company announced a dividend of $0.53 to be paid on August 21st, with a payout ratio currently at 34.68%.

Bornite Capital Management LP bought a new stake in Viper Energy Inc. (NASDAQ:VNOM - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 500,000 shares of the oil and gas producer's stock, valued at approximately $22,575,000. Viper Energy accounts for 5.8% of Bornite Capital Management LP's investment portfolio, making the stock its 6th biggest position. Bornite Capital Management LP owned 0.23% of Viper Energy as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VNOM. Vanguard Group Inc. raised its position in Viper Energy by 28.9% in the first quarter. Vanguard Group Inc. now owns 13,016,792 shares of the oil and gas producer's stock valued at $587,708,000 after purchasing an additional 2,921,832 shares during the period. Invesco Ltd. raised its position in Viper Energy by 102.6% in the first quarter. Invesco Ltd. now owns 1,168,306 shares of the oil and gas producer's stock valued at $52,749,000 after purchasing an additional 591,669 shares during the period. Freestone Grove Partners LP purchased a new stake in Viper Energy in the fourth quarter valued at $19,469,000. T. Rowe Price Investment Management Inc. raised its holdings in shares of Viper Energy by 20.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,309,425 shares of the oil and gas producer's stock valued at $113,324,000 after buying an additional 389,473 shares during the period. Finally, GW&K Investment Management LLC raised its holdings in shares of Viper Energy by 36.0% in the 1st quarter. GW&K Investment Management LLC now owns 1,072,101 shares of the oil and gas producer's stock valued at $48,405,000 after buying an additional 283,628 shares during the period. Hedge funds and other institutional investors own 87.72% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on VNOM. Evercore ISI boosted their price objective on Viper Energy from $49.00 to $51.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Wall Street Zen upgraded Viper Energy from a "sell" rating to a "hold" rating in a report on Sunday, June 29th. Bank of America cut their price objective on Viper Energy from $53.00 to $50.00 and set a "buy" rating on the stock in a report on Friday, May 23rd. TD Securities boosted their price objective on Viper Energy from $57.00 to $58.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Finally, Barclays boosted their target price on Viper Energy from $57.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $57.23.

Viper Energy Stock Up 2.4%

Shares of NASDAQ:VNOM traded up $0.88 on Tuesday, hitting $38.17. 2,038,723 shares of the company's stock were exchanged, compared to its average volume of 1,810,388. The firm's 50-day moving average is $38.71 and its 200 day moving average is $41.67. The company has a market capitalization of $11.01 billion, a PE ratio of 11.03, a P/E/G ratio of 16.91 and a beta of 0.99. Viper Energy Inc. has a 1-year low of $34.71 and a 1-year high of $56.76. The company has a debt-to-equity ratio of 0.13, a quick ratio of 6.15 and a current ratio of 6.15.

Viper Energy (NASDAQ:VNOM - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.07. The business had revenue of $297.00 million during the quarter, compared to analysts' expectations of $285.35 million. Viper Energy had a return on equity of 3.92% and a net margin of 37.84%. The business's quarterly revenue was up 37.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.62 EPS. Sell-side analysts predict that Viper Energy Inc. will post 2.02 EPS for the current year.

Viper Energy Cuts Dividend

The company also recently announced a dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 14th will be given a $0.53 dividend. The ex-dividend date of this dividend is Thursday, August 14th. Viper Energy's dividend payout ratio is 34.68%.

Viper Energy Company Profile

Viper Energy, Inc engages in the acquisition of oil and natural gas properties. It owns, acquires, and exploits oil and natural gas properties in North America. The company was founded on February 27, 2014 and is headquartered in Midland, TX.