Viper Energy (NASDAQ:VNOM) Price Target Lowered to $58.00 at TD

Key Points

• TD lowered its price target on Viper Energy (NASDAQ:VNOM) to $58 from $59, while keeping a buy rating. The new target still implies about 28% upside from the prior close.
• Analyst sentiment remains generally positive, with 15 Buy ratings and 2 Hold ratings across Wall Street. The consensus target price is $57.57.
• Viper Energy recently reported stronger-than-expected earnings, posting $0.55 EPS versus the $0.43 estimate and revenue of $511 million, up 108.6% year over year.

Viper Energy (NASDAQ:VNOM - Get Free Report) had its price objective dropped by equities researchers at TD from $59.00 to $58.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. The firm presently has a "buy" rating on the oil and gas producer's stock. TD's price objective indicates a potential upside of 28.15% from the stock's previous close.

VNOM has been the topic of several other reports. Zacks Research cut shares of Viper Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 10th. Mizuho raised their price objective on shares of Viper Energy from $54.00 to $58.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Barclays raised their price objective on shares of Viper Energy from $58.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, May 26th. Wells Fargo & Company upped their target price on shares of Viper Energy from $60.00 to $61.00 and gave the company an "overweight" rating in a research note on Friday, May 15th. Finally, Truist Financial reduced their price target on shares of Viper Energy from $58.00 to $52.00 and set a "buy" rating on the stock in a research report on Monday. Fifteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $57.57.

Viper Energy Stock Up 0.9%

NASDAQ VNOM traded up $0.40 during mid-day trading on Wednesday, reaching $45.26. 468,324 shares of the company's stock traded hands, compared to its average volume of 2,464,407. The company has a current ratio of 6.17, a quick ratio of 6.17 and a debt-to-equity ratio of 0.15. Viper Energy has a 1-year low of $35.10 and a 1-year high of $51.13. The company has a fifty day simple moving average of $44.48 and a 200-day simple moving average of $44.18. The company has a market cap of $16.25 billion, a price-to-earnings ratio of -141.32 and a beta of 0.40.

Viper Energy (NASDAQ:VNOM - Get Free Report) last announced its earnings results on Monday, May 4th. The oil and gas producer reported $0.55 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $499.81 million. During the same period in the prior year, the company posted $0.54 EPS. Viper Energy's quarterly revenue was up 108.6% on a year-over-year basis. As a group, equities research analysts expect that Viper Energy will post 2.36 EPS for the current year.

Hedge Funds Weigh In On Viper Energy

A number of hedge funds have recently added to or reduced their stakes in the business. Stephens Inc. AR raised its position in Viper Energy by 1.8% in the first quarter. Stephens Inc. AR now owns 13,720 shares of the oil and gas producer's stock worth $645,000 after acquiring an additional 245 shares in the last quarter. Kestra Advisory Services LLC lifted its holdings in Viper Energy by 1.2% in the 1st quarter. Kestra Advisory Services LLC now owns 21,849 shares of the oil and gas producer's stock valued at $1,027,000 after acquiring an additional 268 shares during the last quarter. HB Wealth Management LLC boosted its position in shares of Viper Energy by 5.3% during the 4th quarter. HB Wealth Management LLC now owns 6,348 shares of the oil and gas producer's stock valued at $245,000 after purchasing an additional 317 shares in the last quarter. Parallel Advisors LLC boosted its position 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. Finally, Apollon Wealth Management LLC grew its stake in shares of Viper Energy by 1.8% in the 1st quarter. Apollon Wealth Management LLC now owns 21,036 shares of the oil and gas producer's stock worth $988,000 after purchasing an additional 368 shares during the last quarter. Institutional investors and hedge funds own 87.72% of the company's stock.

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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