Viper Energy (NASDAQ:VNOM) Receives Overweight Rating from Piper Sandler

Key Points

• Piper Sandler has raised the target price for Viper Energy (NASDAQ:VNOM) from $66.00 to $68.00, suggesting a potential upside of 79.91% from the stock's previous close.
• Viper Energy's shares recently fell by 2.3%, trading at $37.80, while the company has a market capitalization of $10.91 billion and an average rating of "Moderate Buy".
• The company reported a quarterly earnings of $0.41 EPS, exceeding the consensus estimate by $0.07, and its revenue has increased by 37.1% year over year.

Viper Energy (NASDAQ:VNOM - Get Free Report)'s stock had its "overweight" rating restated by stock analysts at Piper Sandler in a research note issued on Thursday, Marketbeat.com reports. They currently have a $68.00 target price on the oil and gas producer's stock, up from their prior target price of $66.00. Piper Sandler's price objective would indicate a potential upside of 79.94% from the stock's previous close.

Other research analysts have also issued research reports about the stock. Evercore ISI lifted their price target on shares of Viper Energy from $49.00 to $51.00 and gave the company an "outperform" rating in a research note on Wednesday, June 4th. TD Securities boosted their price objective on shares of Viper Energy from $57.00 to $58.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Mizuho boosted their price objective on shares of Viper Energy from $54.00 to $55.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. JPMorgan Chase & Co. cut their price objective on shares of Viper Energy from $49.00 to $47.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Finally, Wells Fargo & Company cut their price objective on shares of Viper Energy from $51.00 to $48.00 and set an "overweight" rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $57.15.

Viper Energy Stock Down 1.7%

VNOM traded down $0.64 during trading on Thursday, reaching $37.79. The company had a trading volume of 2,293,711 shares, compared to its average volume of 1,949,431. The company has a debt-to-equity ratio of 0.13, a current ratio of 6.15 and a quick ratio of 6.15. Viper Energy has a 12 month low of $34.71 and a 12 month high of $56.76. The business's fifty day moving average price is $38.57 and its 200 day moving average price is $41.53. The company has a market cap of $10.90 billion, a P/E ratio of 10.92, a PEG ratio of 17.43 and a beta of 0.99.

Viper Energy (NASDAQ:VNOM - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The oil and gas producer reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.07. Viper Energy had a net margin of 37.84% and a return on equity of 3.92%. The firm had revenue of $297.00 million for the quarter, compared to analyst estimates of $285.35 million. During the same quarter in the previous year, the firm posted $0.62 earnings per share. The business's revenue was up 37.1% on a year-over-year basis. Equities analysts anticipate that Viper Energy will post 2.02 EPS for the current year.

Hedge Funds Weigh In On Viper Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Swiss National Bank increased its holdings in shares of Viper Energy by 22.1% in the first quarter. Swiss National Bank now owns 247,177 shares of the oil and gas producer's stock valued at $11,160,000 after purchasing an additional 44,700 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Viper Energy in the fourth quarter valued at $1,701,000. Principal Financial Group Inc. increased its holdings in shares of Viper Energy by 27.6% in the first quarter. Principal Financial Group Inc. now owns 302,575 shares of the oil and gas producer's stock valued at $13,661,000 after purchasing an additional 65,375 shares during the last quarter. Amalgamated Bank increased its holdings in shares of Viper Energy by 21.3% in the first quarter. Amalgamated Bank now owns 59,901 shares of the oil and gas producer's stock valued at $2,705,000 after purchasing an additional 10,529 shares during the last quarter. Finally, Stephens Investment Management Group LLC increased its holdings in shares of Viper Energy by 21.2% in the first 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 purchasing an additional 271,337 shares during the last quarter. 87.72% of the stock is currently owned by institutional investors and hedge funds.

About Viper Energy

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.