Viper Energy (NASDAQ:VNOM) Price Target Cut to $58.00 by Analysts at TD

Viper Energy (NASDAQ:VNOM) had its target price reduced by TD from $59.00 to $58.00 in a research note issued to investors on Wednesday morning,BayStreet.CA reports. They currently have a buy rating on the oil and gas producer’s stock.

A number of other research analysts have also weighed in on the stock. Jefferies Financial Group raised shares of Viper Energy from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a report on Monday, April 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Viper Energy in a research note on Friday, July 17th. Morgan Stanley decreased their price target on shares of Viper Energy from $49.00 to $46.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. Mizuho increased their price objective on shares of Viper Energy from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, Raymond James Financial lifted their price objective on shares of Viper Energy from $60.00 to $61.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Fifteen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $57.57.

Viper Energy Price Performance

Shares of Viper Energy stock opened at $45.27 on Wednesday. The stock has a 50 day moving average of $44.41 and a 200 day moving average of $44.22. Viper Energy has a 12 month low of $35.10 and a 12 month high of $51.13. The firm has a market cap of $16.25 billion, a PE ratio of -141.46 and a beta of 0.40. 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 (NASDAQ:VNOM) last released its quarterly earnings results on Monday, May 4th. The oil and gas producer reported $0.55 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $511.00 million during the quarter, compared to analysts’ expectations of $499.81 million. During the same quarter last year, the business posted $0.54 EPS. The firm’s revenue for the quarter was up 108.6% compared to the same quarter last year. On average, research analysts expect that Viper Energy will post 2.42 EPS for the current fiscal year.

Viper Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were issued a $0.38 dividend. The ex-dividend date was Thursday, May 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.4%. Viper Energy’s payout ratio is -475.00%.

Hedge Funds Weigh In On Viper Energy

Large investors have recently modified their holdings of the stock. Encompass Capital Advisors LLC bought a new stake in Viper Energy in the fourth quarter worth $52,087,000. Wellington Management Group LLP boosted its stake in Viper Energy by 11.1% during the fourth quarter. Wellington Management Group LLP now owns 11,491,534 shares of the oil and gas producer’s stock worth $443,918,000 after buying an additional 1,144,863 shares during the period. GW&K Investment Management LLC purchased a new position in Viper Energy during the fourth quarter worth $42,550,000. Balyasny Asset Management L.P. increased its position in Viper Energy by 7,413.0% during the third quarter. Balyasny Asset Management L.P. now owns 1,109,824 shares of the oil and gas producer’s stock valued at $42,417,000 after acquiring an additional 1,095,052 shares during the last quarter. Finally, Ninepoint Partners LP increased its position in Viper Energy by 700.0% during the fourth quarter. Ninepoint Partners LP now owns 1,200,000 shares of the oil and gas producer’s stock valued at $46,356,000 after acquiring an additional 1,050,000 shares during the last quarter. Institutional investors own 87.72% of the company’s stock.

Viper Energy Company Profile

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.