Viper Energy (NASDAQ:VNOM) Rating Lowered to Hold at Zacks Research

Viper Energy (NASDAQ:VNOM) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

VNOM has been the topic of several other research reports. Jefferies Financial Group upgraded Viper Energy from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Monday, April 13th. KeyCorp upped their price objective on Viper Energy from $56.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday, April 2nd. Royal Bank Of Canada assumed coverage on Viper Energy in a research report on Friday, May 29th. They issued an “outperform” rating and a $58.00 price objective on the stock. TD Securities upped their price objective on Viper Energy from $54.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. Finally, Mizuho increased their target price on Viper Energy from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.38.

Viper Energy Trading Down 2.4%

Viper Energy stock opened at $43.70 on Wednesday. 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 has a 12 month low of $35.10 and a 12 month high of $51.13. The stock’s 50 day simple moving average is $46.73 and its two-hundred day simple moving average is $43.34. The firm has a market cap of $15.69 billion, a PE ratio of -136.56 and a beta of 0.38.

Viper Energy (NASDAQ:VNOM) last released its quarterly earnings data on Monday, May 4th. The oil and gas producer reported $0.55 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $499.82 million. During the same quarter in the prior year, the firm posted $0.54 EPS. The business’s quarterly revenue was up 108.6% compared to the same quarter last year. Analysts anticipate that Viper Energy will post 2.5 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Mountain Lake Investment Management LLC purchased a new position in shares of Viper Energy during the 3rd quarter worth $9,853,000. JPMorgan Chase & Co. raised its holdings in shares of Viper Energy by 40.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 428,168 shares of the oil and gas producer’s stock worth $16,365,000 after acquiring an additional 124,259 shares during the period. Citigroup Inc. raised its holdings in shares of Viper Energy by 58.7% during the 3rd quarter. Citigroup Inc. now owns 198,093 shares of the oil and gas producer’s stock worth $7,571,000 after acquiring an additional 73,303 shares during the period. Bornite Capital Management LP purchased a new position in shares of Viper Energy during the 3rd quarter worth $38,220,000. Finally, Rhumbline Advisers raised its holdings in shares of Viper Energy by 26.3% during the 3rd quarter. Rhumbline Advisers now owns 422,580 shares of the oil and gas producer’s stock worth $16,151,000 after acquiring an additional 88,128 shares during the period. Hedge funds and other 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.