Ironsides Asset Advisors LLC Makes New $378,000 Investment in Viper Energy Inc. (NASDAQ:VNOM)

Key Points

• Ironsides Asset Advisors LLC has made a new investment of approximately $378,000 in Viper Energy Inc., acquiring 8,381 shares during the first quarter.
• Viper Energy recently announced a quarterly dividend of $0.30 per share, resulting in an annualized yield of 3.15%.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Viper Energy, with a consensus price target of $57.46.

Ironsides Asset Advisors LLC acquired a new position in shares of Viper Energy Inc. (NASDAQ:VNOM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 8,381 shares of the oil and gas producer's stock, valued at approximately $378,000.

Several other institutional investors have also made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Viper Energy in the fourth quarter valued at about $1,701,000. Principal Financial Group Inc. lifted its holdings in shares of Viper Energy by 27.6% during the 1st quarter. Principal Financial Group Inc. now owns 302,575 shares of the oil and gas producer's stock valued at $13,661,000 after buying an additional 65,375 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Viper Energy by 21.3% during the 1st quarter. Amalgamated Bank now owns 59,901 shares of the oil and gas producer's stock valued at $2,705,000 after buying an additional 10,529 shares during the last quarter. Stephens Investment Management Group LLC lifted its holdings in shares of Viper Energy by 21.2% during the 1st quarter. Stephens Investment Management Group LLC now owns 1,552,974 shares of the oil and gas producer's stock valued at $70,117,000 after buying an additional 271,337 shares during the last quarter. Finally, State of Michigan Retirement System lifted its stake in Viper Energy by 28.7% in the first quarter. State of Michigan Retirement System now owns 31,400 shares of the oil and gas producer's stock valued at $1,418,000 after acquiring an additional 7,000 shares during the last quarter. 87.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on VNOM. KeyCorp reduced their target price on shares of Viper Energy from $62.00 to $56.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Bank of America reduced their price objective on shares of Viper Energy from $53.00 to $50.00 and set a "buy" rating for the company in a research note on Friday, May 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Viper Energy from $49.00 to $47.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. Wells Fargo & Company boosted their price target on Viper Energy from $50.00 to $51.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Finally, Evercore ISI boosted their price target on Viper Energy from $49.00 to $51.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.46.

Viper Energy Price Performance

NASDAQ VNOM opened at $38.09 on Tuesday. Viper Energy Inc. has a twelve month low of $34.71 and a twelve month high of $56.76. The company has a debt-to-equity ratio of 0.15, a quick ratio of 8.70 and a current ratio of 8.70. The stock has a market capitalization of $10.99 billion, a PE ratio of 10.02, a P/E/G ratio of 17.33 and a beta of 0.97. The stock has a 50-day simple moving average of $39.29 and a 200 day simple moving average of $42.57.

Viper Energy (NASDAQ:VNOM - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The oil and gas producer reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. Viper Energy had a return on equity of 5.41% and a net margin of 43.43%. The company had revenue of $245.00 million during the quarter, compared to analyst estimates of $233.99 million. During the same period in the previous year, the company earned $0.49 earnings per share. Research analysts anticipate that Viper Energy Inc. will post 2.02 EPS for the current year.

Viper Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 15th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.15%. The ex-dividend date was Thursday, May 15th. Viper Energy's payout ratio is currently 31.58%.

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.

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