Legacy Wealth Managment LLC ID Cuts Position in Viper Energy Inc. $VNOM

Key Points

• Legacy Wealth Management cut its Viper Energy stake by 51% in the fourth quarter, selling 43,853 shares and leaving it with 42,088 shares worth about $1.63 million.
• Viper Energy reported strong first-quarter results, with EPS of $0.55 versus $0.43 expected and revenue of $511 million, up 108.6% from a year earlier.
• Wall Street remains bullish on VNOM: analysts have an average “Buy” rating with a consensus price target of $56.43, while the company also announced a quarterly dividend of $0.38 per share.

Legacy Wealth Managment LLC ID decreased its holdings in Viper Energy Inc. (NASDAQ:VNOM - Free Report) by 51.0% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 42,088 shares of the oil and gas producer's stock after selling 43,853 shares during the period. Viper Energy makes up about 0.8% of Legacy Wealth Managment LLC ID's investment portfolio, making the stock its 28th largest position. Legacy Wealth Managment LLC ID's holdings in Viper Energy were worth $1,626,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of VNOM. Oaktree Capital Management LP acquired a new stake in Viper Energy in the third quarter valued at approximately $240,215,000. Vanguard Group Inc. boosted its holdings in Viper Energy by 28.0% in the third quarter. Vanguard Group Inc. now owns 16,906,846 shares of the oil and gas producer's stock worth $646,180,000 after purchasing an additional 3,699,141 shares during the period. Capital World Investors boosted its holdings in Viper Energy by 18.7% in the third quarter. Capital World Investors now owns 12,423,354 shares of the oil and gas producer's stock worth $474,821,000 after purchasing an additional 1,957,417 shares during the period. HITE Hedge Asset Management LLC lifted its stake in Viper Energy by 452.4% in the third quarter. HITE Hedge Asset Management LLC now owns 1,661,991 shares of the oil and gas producer's stock valued at $63,521,000 after buying an additional 1,361,130 shares during the last quarter. Finally, Balyasny Asset Management L.P. lifted its stake in Viper Energy by 7,413.0% in the third quarter. Balyasny Asset Management L.P. now owns 1,109,824 shares of the oil and gas producer's stock valued at $42,417,000 after buying an additional 1,095,052 shares during the last quarter. Institutional investors and hedge funds own 87.72% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on VNOM. Truist Financial set a $58.00 price objective on shares of Viper Energy in a research note on Wednesday. Piper Sandler lifted their target price on Viper Energy from $64.00 to $68.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Wells Fargo & Company reissued an "overweight" rating and issued a $60.00 price target on shares of Viper Energy in a research note on Monday, April 20th. Citigroup lifted their price target on Viper Energy from $52.00 to $57.00 and gave the stock a "buy" rating in a research note on Tuesday, March 31st. Finally, Jefferies Financial Group raised Viper Energy from a "hold" rating to a "buy" rating and set a $55.00 target price on the stock in a research note on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $56.43.

Viper Energy Stock Down 0.4%

Shares of VNOM stock opened at $46.79 on Friday. Viper Energy Inc. has a 12 month low of $35.10 and a 12 month high of $51.13. The firm has a market cap of $16.73 billion, a PE ratio of -146.21, a price-to-earnings-growth ratio of 0.96 and a beta of 0.42. The stock has a 50 day moving average of $46.40 and a 200-day moving average of $41.67. The company has a quick ratio of 3.72, a current ratio of 6.17 and a debt-to-equity ratio of 0.15.

Viper Energy (NASDAQ:VNOM - Get Free Report) last issued its quarterly earnings results on Monday, May 4th. The oil and gas producer reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.12. Viper Energy had a positive return on equity of 2.64% and a negative net margin of 2.77%.The company had revenue of $511.00 million during the quarter, compared to analyst estimates of $499.82 million. During the same period in the previous year, the company earned $0.54 earnings per share. The company's quarterly revenue was up 108.6% compared to the same quarter last year. On average, equities analysts predict that Viper Energy Inc. will post 2.39 EPS for the current year.

Viper Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Thursday, May 14th. Viper Energy's dividend payout ratio is -475.00%.

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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