Viper Energy (NASDAQ:VNOM) Given New $48.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered its price target for Viper Energy (NASDAQ:VNOM) from $51.00 to $48.00, maintaining an "overweight" rating, indicating potential upside from the stock’s previous close.
• While Wells Fargo reduced its target, other analysts like Bank of America have also adjusted their targets, with estimates now ranging from $50.00 to $66.00, reflecting varying opinions on the company's prospects.
• Viper Energy is currently trading at $37.92, having seen a price decline of 2.0%, and has a strong consensus rating of "Moderate Buy" with an average price target of $57.00.

Viper Energy (NASDAQ:VNOM - Free Report) had its target price lowered by Wells Fargo & Company from $51.00 to $48.00 in a report published on Thursday,Benzinga reports. The firm currently has an overweight rating on the oil and gas producer's stock.

Several other analysts also recently issued reports on VNOM. KeyCorp lowered their price target on Viper Energy from $62.00 to $56.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Wall Street Zen upgraded Viper Energy from a "sell" rating to a "hold" rating in a research note on Sunday, June 29th. Barclays raised their target price on Viper Energy from $57.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. TD Securities raised their target price on Viper Energy from $57.00 to $58.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Finally, Piper Sandler raised their target price on Viper Energy from $65.00 to $66.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. One investment analyst has rated the stock with a sell rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Viper Energy currently has an average rating of "Moderate Buy" and an average price target of $57.15.

Viper Energy Stock Down 1.7%

NASDAQ VNOM traded down $0.64 during trading hours on Thursday, hitting $37.79. The company had a trading volume of 2,293,711 shares, compared to its average volume of 1,949,431. Viper Energy has a fifty-two week low of $34.71 and a fifty-two week high of $56.76. The company has a market capitalization of $10.90 billion, a price-to-earnings ratio of 10.92, a P/E/G ratio of 17.14 and a beta of 0.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 6.15 and a quick ratio of 6.15. The firm's 50 day moving average is $38.57 and its 200 day moving average is $41.46.

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 (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.07. Viper Energy had a return on equity of 3.92% and a net margin of 37.84%. The firm had revenue of $297.00 million during the quarter, compared to the consensus estimate of $285.35 million. During the same period in the prior year, the firm earned $0.62 EPS. The firm's quarterly revenue was up 37.1% compared to the same quarter last year. Sell-side analysts anticipate that Viper Energy will post 2.02 earnings per share for the current fiscal year.

Viper Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $2.12 annualized dividend and a dividend yield of 5.6%. Viper Energy's dividend payout ratio (DPR) is presently 38.15%.

Hedge Funds Weigh In On Viper Energy

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Viper Energy by 28.9% during the 1st quarter. Vanguard Group Inc. now owns 13,016,792 shares of the oil and gas producer's stock worth $587,708,000 after purchasing an additional 2,921,832 shares during the period. Wellington Management Group LLP raised its position in shares of Viper Energy by 12.2% during the 1st quarter. Wellington Management Group LLP now owns 11,953,910 shares of the oil and gas producer's stock worth $539,719,000 after purchasing an additional 1,301,933 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Viper Energy by 21.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,996,351 shares of the oil and gas producer's stock worth $451,336,000 after purchasing an additional 1,778,093 shares during the period. State Street Corp raised its position in shares of Viper Energy by 2.9% during the 2nd quarter. State Street Corp now owns 5,197,538 shares of the oil and gas producer's stock worth $198,182,000 after purchasing an additional 148,503 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Viper Energy by 6.6% during the 2nd quarter. Geode Capital Management LLC now owns 3,802,730 shares of the oil and gas producer's stock worth $145,021,000 after purchasing an additional 235,374 shares during the period. Institutional investors own 87.72% of the company's stock.

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.