Bornite Capital Management LP Invests $38.22 Million in Viper Energy Inc. $VNOM

Bornite Capital Management LP bought a new stake in Viper Energy Inc. (NASDAQ:VNOM) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,000,000 shares of the oil and gas producer’s stock, valued at approximately $38,220,000. Viper Energy comprises about 3.5% of Bornite Capital Management LP’s portfolio, making the stock its 10th biggest position.

Several other hedge funds have also recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. increased its position in shares of Viper Energy by 4.3% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 6,801 shares of the oil and gas producer’s stock valued at $260,000 after purchasing an additional 279 shares during the last quarter. GAMMA Investing LLC boosted its stake in Viper Energy by 16.7% in the third quarter. GAMMA Investing LLC now owns 2,354 shares of the oil and gas producer’s stock worth $90,000 after buying an additional 337 shares in the last quarter. Assetmark Inc. grew its position in Viper Energy by 48.7% during the second quarter. Assetmark Inc. now owns 1,068 shares of the oil and gas producer’s stock valued at $41,000 after acquiring an additional 350 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in shares of Viper Energy by 9.7% during the second quarter. Parkside Financial Bank & Trust now owns 4,117 shares of the oil and gas producer’s stock worth $157,000 after acquiring an additional 364 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Viper Energy by 4.4% during the second quarter. PNC Financial Services Group Inc. now owns 8,902 shares of the oil and gas producer’s stock worth $339,000 after acquiring an additional 376 shares in the last quarter. Institutional investors own 87.72% of the company’s stock.

Analysts Set New Price Targets

VNOM has been the subject of a number of research reports. Mizuho upped their price objective on shares of Viper Energy from $51.00 to $52.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Wall Street Zen lowered shares of Viper Energy from a “hold” rating to a “sell” rating in a research report on Sunday, January 11th. Barclays reduced their price objective on Viper Energy from $60.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 21st. Jefferies Financial Group initiated coverage on Viper Energy in a research note on Thursday, October 23rd. They issued a “hold” rating and a $38.00 target price for the company. Finally, Wells Fargo & Company increased their target price on Viper Energy from $49.00 to $51.00 and gave the company an “overweight” rating in a report on Monday, November 17th. Thirteen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $52.71.

Viper Energy Price Performance

VNOM stock opened at $44.61 on Thursday. The firm’s 50-day moving average price is $39.80 and its two-hundred day moving average price is $38.58. Viper Energy Inc. has a 12-month low of $34.71 and a 12-month high of $51.47. The stock has a market capitalization of $16.04 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 27.81 and a beta of 0.51. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.20.

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.