California State Teachers Retirement System Raises Stake in Viper Energy Inc. $VNOM

Key Points

• California State Teachers Retirement System increased its Viper Energy stake by 34.2% in the first quarter, bringing its holdings to 217,133 shares valued at approximately $10.2 million. Institutional investors collectively own 87.72% of the company.
• Analyst sentiment remains positive, with 16 Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $57.13.
• Viper Energy reported quarterly EPS of $0.76, in line with estimates, while revenue of $677 million exceeded expectations and rose 127.9% year over year. Shares opened at $43.69, down 2.1%.

California State Teachers Retirement System increased its stake in Viper Energy Inc. (NASDAQ:VNOM - Free Report) by 34.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 217,133 shares of the oil and gas producer's stock after buying an additional 55,342 shares during the period. California State Teachers Retirement System owned 0.06% of Viper Energy worth $10,203,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in shares of Viper Energy by 37.1% during the first quarter. Royal Bank of Canada now owns 370,040 shares of the oil and gas producer's stock valued at $17,387,000 after acquiring an additional 100,193 shares in the last quarter. Recurrent Investment Advisors LLC raised its position in Viper Energy by 36.9% during the 1st quarter. Recurrent Investment Advisors LLC now owns 989,318 shares of the oil and gas producer's stock valued at $46,488,000 after purchasing an additional 266,703 shares in the last quarter. Ashford Capital Management Inc. purchased a new stake in shares of Viper Energy in the 1st quarter worth $16,103,000. The Manufacturers Life Insurance Company grew its position in shares of Viper Energy by 2.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 116,455 shares of the oil and gas producer's stock worth $5,472,000 after buying an additional 2,532 shares in the last quarter. Finally, Quantinno Capital Management LP increased its stake in shares of Viper Energy by 7.2% during the first quarter. Quantinno Capital Management LP now owns 160,960 shares of the oil and gas producer's stock valued at $7,564,000 after buying an additional 10,861 shares during the period. 87.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

VNOM has been the subject of several recent research reports. Barclays lifted their price objective on Viper Energy from $58.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, May 26th. Johnson Rice started coverage on shares of Viper Energy in a research report on Monday. They issued an "accumulate" rating and a $55.00 price target for the company. Weiss Ratings reissued a "hold (c)" rating on shares of Viper Energy in a report on Friday, July 17th. Jefferies Financial Group raised shares of Viper Energy from a "hold" rating to a "buy" rating and set a $55.00 price objective for the company in a research note on Monday, April 13th. Finally, Royal Bank Of Canada started coverage on Viper Energy in a research report on Friday, May 29th. They set an "outperform" rating and a $58.00 target price on the stock. Sixteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $57.13.

Viper Energy Stock Down 2.1%

Shares of VNOM stock opened at $43.69 on Tuesday. The stock's fifty day moving average price is $43.76 and its 200 day moving average price is $44.61. Viper Energy Inc. has a 1-year low of $35.10 and a 1-year high of $51.13. The company has a market cap of $15.69 billion, a price-to-earnings ratio of -136.53 and a beta of 0.40. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.17 and a quick ratio of 6.17.

Viper Energy (NASDAQ:VNOM - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The oil and gas producer reported $0.76 EPS for the quarter, meeting analysts' consensus estimates of $0.76. The company had revenue of $677.00 million during the quarter, compared to analysts' expectations of $643.45 million. Viper Energy had a positive return on equity of 2.64% and a negative net margin of 2.77%.The firm's revenue was up 127.9% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share. On average, research analysts expect that Viper Energy Inc. will post 2.42 earnings per share for the current fiscal year.

Viper Energy Profile

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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