Mountain Lake Investment Management LLC Takes $9.85 Million Position in Viper Energy Inc. $VNOM

Mountain Lake Investment Management LLC purchased a new stake in Viper Energy Inc. (NASDAQ:VNOM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 257,808 shares of the oil and gas producer’s stock, valued at approximately $9,853,000. Viper Energy makes up 7.3% of Mountain Lake Investment Management LLC’s holdings, making the stock its 5th biggest holding. Mountain Lake Investment Management LLC owned about 0.09% of Viper Energy as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in VNOM. Oaktree Capital Management LP bought a new stake in Viper Energy in the third quarter worth approximately $240,215,000. Vanguard Group Inc. raised its holdings in shares of Viper Energy by 28.0% during the 3rd quarter. Vanguard Group Inc. now owns 16,906,846 shares of the oil and gas producer’s stock valued at $646,180,000 after purchasing an additional 3,699,141 shares in the last quarter. Capital World Investors raised its holdings in shares of Viper Energy by 18.7% during the 3rd quarter. Capital World Investors now owns 12,423,354 shares of the oil and gas producer’s stock valued at $474,821,000 after purchasing an additional 1,957,417 shares in the last quarter. HITE Hedge Asset Management LLC lifted its stake in shares of Viper Energy by 452.4% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 1,661,991 shares of the oil and gas producer’s stock valued at $63,521,000 after purchasing an additional 1,361,130 shares during the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in Viper Energy by 7,413.0% in the third quarter. Balyasny Asset Management L.P. now owns 1,109,824 shares of the oil and gas producer’s stock worth $42,417,000 after purchasing an additional 1,095,052 shares in the last quarter. Institutional investors and hedge funds own 87.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on VNOM. Citigroup increased their target price on shares of Viper Energy from $45.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Piper Sandler boosted their price target on Viper Energy from $64.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Morgan Stanley decreased their price target on Viper Energy from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday, January 23rd. Wells Fargo & Company increased their price objective on Viper Energy from $51.00 to $52.00 and gave the company an “overweight” rating in a report on Monday. Finally, Barclays cut 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. Fourteen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $51.79.

Viper Energy Stock Performance

NASDAQ:VNOM opened at $44.90 on Tuesday. The firm has a market capitalization of $16.05 billion, a PE ratio of -195.21 and a beta of 0.48. Viper Energy Inc. has a 1 year low of $34.71 and a 1 year high of $48.00. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 0.21. The firm’s fifty day simple moving average is $42.00 and its 200 day simple moving average is $39.44.

Viper Energy (NASDAQ:VNOM) last released its earnings results on Monday, February 23rd. The oil and gas producer reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.04. Viper Energy had a negative net margin of 4.87% and a positive return on equity of 2.62%. The firm had revenue of $435.00 million during the quarter, compared to analyst estimates of $415.51 million. During the same quarter in the previous year, the business earned $2.04 EPS. The business’s revenue was up 87.6% on a year-over-year basis. On average, sell-side analysts anticipate that Viper Energy Inc. will post 2.02 EPS for the current year.

Viper Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 12th. Investors of record on Thursday, March 5th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, March 5th. This represents a $1.52 annualized dividend and a dividend yield of 3.4%. This is a boost from Viper Energy’s previous quarterly dividend of $0.33. Viper Energy’s payout ratio is presently -660.87%.

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.