Legacy Wealth Managment LLC ID Has $715,000 Position in Viper Energy Inc. $VNOM

Key Points

• Legacy Wealth Management reduced its Viper Energy stake by 63% in the second quarter, selling 28,719 shares and retaining 16,866 shares valued at approximately $715,000. Institutional investors and hedge funds collectively own 87.72% of VNOM.
• 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.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $56.93 versus the stock’s reported price of $44.89. The company also paid a special dividend of $0.29 per share.

Legacy Wealth Managment LLC ID lessened its holdings in shares of Viper Energy Inc. (NASDAQ:VNOM - Free Report) by 63.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,866 shares of the oil and gas producer's stock after selling 28,719 shares during the quarter. Legacy Wealth Managment LLC ID's holdings in Viper Energy were worth $715,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC bought a new stake in Viper Energy in the fourth quarter worth approximately $27,000. Parallel Advisors LLC raised its holdings in shares of 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 in the last quarter. UMB Bank n.a. bought a new position in shares of Viper Energy during the 4th quarter valued at $64,000. Clearstead Advisors LLC lifted its stake 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 valued at $75,000 after purchasing an additional 654 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in shares of Viper Energy by 20.0% in the 2nd quarter. Versant Capital Management Inc now owns 2,481 shares of the oil and gas producer's stock valued at $105,000 after purchasing an additional 413 shares during the last quarter. 87.72% of the stock is currently owned by institutional investors and hedge funds.

Viper Energy Stock Down 0.5%

Viper Energy stock opened at $44.89 on Friday. The firm has a market cap of $16.12 billion, a price-to-earnings ratio of 345.33 and a beta of 0.39. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.37 and a quick ratio of 6.37. Viper Energy Inc. has a fifty-two week low of $35.10 and a fifty-two week high of $51.13. The firm has a fifty day moving average price of $43.23 and a two-hundred day moving average price of $45.04.

Viper Energy (NASDAQ:VNOM - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The oil and gas producer reported $0.76 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.76. The company had revenue of $677.00 million for the quarter, compared to the consensus estimate of $643.45 million. Viper Energy had a return on equity of 3.43% and a net margin of 2.89%.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. As a group, analysts forecast that Viper Energy Inc. will post 2.6 earnings per share for the current year.

Viper Energy Announces Dividend

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

Analyst Ratings Changes

Several equities analysts have commented on the stock. Morgan Stanley lowered their target price on shares of Viper Energy from $49.00 to $46.00 and set an "overweight" rating on the stock in a research report on Monday, June 29th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Viper Energy in a research report on Friday, July 17th. Zacks Research cut Viper Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 10th. Mizuho decreased their price target on Viper Energy from $58.00 to $56.00 and set an "outperform" rating for the company in a research note on Tuesday, August 4th. Finally, Truist Financial lowered their price objective on Viper Energy from $58.00 to $52.00 and set a "buy" rating on the stock in a report on Monday, July 20th. Sixteen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Viper Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $56.93.

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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