Royal Bank of Canada Purchases 16,356 Shares of Viper Energy Inc. $VNOM

Royal Bank of Canada boosted its position in Viper Energy Inc. (NASDAQ:VNOM) by 6.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 265,571 shares of the oil and gas producer’s stock after acquiring an additional 16,356 shares during the quarter. Royal Bank of Canada owned 0.12% of Viper Energy worth $11,990,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Quarry LP increased its stake in Viper Energy by 279.3% in the first quarter. Quarry LP now owns 2,496 shares of the oil and gas producer’s stock valued at $113,000 after acquiring an additional 1,838 shares during the last quarter. Titleist Asset Management LLC bought a new position in Viper Energy in the first quarter valued at $948,000. Baird Financial Group Inc. increased its stake in Viper Energy by 11.4% in the first quarter. Baird Financial Group Inc. now owns 97,498 shares of the oil and gas producer’s stock valued at $4,402,000 after acquiring an additional 9,986 shares during the last quarter. Corebridge Financial Inc. increased its stake in Viper Energy by 24.4% in the first quarter. Corebridge Financial Inc. now owns 145,424 shares of the oil and gas producer’s stock valued at $6,566,000 after acquiring an additional 28,558 shares during the last quarter. Finally, Comerica Bank increased its stake in Viper Energy by 24.0% in the first quarter. Comerica Bank now owns 37,497 shares of the oil and gas producer’s stock valued at $1,693,000 after acquiring an additional 7,251 shares during the last quarter. Institutional investors own 87.72% of the company’s stock.

Viper Energy Stock Performance

Viper Energy stock opened at $38.99 on Friday. The company has a current ratio of 6.15, a quick ratio of 6.15 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average of $38.05 and a 200-day moving average of $40.15. The firm has a market cap of $11.25 billion, a P/E ratio of 11.27, a P/E/G ratio of 17.55 and a beta of 1.04. Viper Energy Inc. has a 1-year low of $34.71 and a 1-year high of $56.76.

Viper Energy (NASDAQ:VNOM) last posted its earnings results on Monday, August 4th. The oil and gas producer reported $0.41 earnings per share for the quarter, topping 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 company had revenue of $297.00 million during the quarter, compared to analyst estimates of $285.35 million. During the same period in the prior year, the business posted $0.62 earnings per share. Viper Energy’s revenue for the quarter was up 37.1% on a year-over-year basis. Sell-side analysts expect that Viper Energy Inc. will post 2.02 EPS for the current year.

Viper Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were issued a $0.53 dividend. The ex-dividend date was Thursday, August 14th. This represents a $2.12 annualized dividend and a yield of 5.4%. Viper Energy’s dividend payout ratio (DPR) is 38.15%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on VNOM shares. KeyCorp reduced their price objective on Viper Energy from $56.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 3rd. Roth Capital set a $50.00 price objective on Viper Energy and gave the company a “buy” rating in a research note on Tuesday, August 26th. Barclays raised their price objective on Viper Energy from $57.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, June 4th. Evercore ISI raised their price objective on Viper Energy from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday, June 4th. Finally, Piper Sandler raised their price objective on Viper Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a research note on Thursday, August 14th. Sixteen analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $55.80.

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.