Zacks Investment Research upgraded shares of Viper Energy Partners (NASDAQ:VNOM) from a hold rating to a buy rating in a research report report published on Friday morning, Zacks.com reports. Zacks Investment Research currently has $37.00 price target on the oil and gas producer’s stock.
According to Zacks, “Viper Energy Partners generates a strong and steady royalty income from the mineral interests in the prolific basins across the United States. The partnership entered into 88 accords in 2018 including the first drop-down asset/property of Pecos County mineral resources from its parent company, Diamondback. Viper Energy Partners expects more drop-down of assets to follow from the additional 1,186 net royalty acres in Pecos and Reeves counties that are owned by Diamondback. This expansion strategy is likely to generate more royalty income from the partnership and be accretive to the unitholders. Moreover, oil price has recovered significantly and is now heading toward the $65-per-barrel psychological mark. Since oil accounts for maximum volumes from Viper Energy Partners’ producing properties, the crude recovery should boost the partnership’s financials.”
A number of other equities research analysts also recently weighed in on VNOM. Oppenheimer set a $49.00 target price on Viper Energy Partners and gave the stock a buy rating in a report on Friday, December 14th. Citigroup set a $33.00 target price on Viper Energy Partners and gave the stock a buy rating in a report on Monday, December 17th. ValuEngine downgraded Viper Energy Partners from a buy rating to a hold rating in a report on Tuesday, December 25th. BidaskClub downgraded Viper Energy Partners from a hold rating to a sell rating in a report on Tuesday, December 25th. Finally, Raymond James set a $52.00 target price on Viper Energy Partners and gave the stock a buy rating in a report on Wednesday, January 23rd. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $42.58.
VNOM opened at $33.90 on Friday. Viper Energy Partners has a fifty-two week low of $22.76 and a fifty-two week high of $44.00. The company has a debt-to-equity ratio of 0.33, a current ratio of 10.84 and a quick ratio of 10.84. The firm has a market cap of $4.20 billion, a PE ratio of 31.39 and a beta of 1.31.
Viper Energy Partners (NASDAQ:VNOM) last posted its earnings results on Tuesday, February 5th. The oil and gas producer reported ($0.01) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.17). Viper Energy Partners had a return on equity of 6.74% and a net margin of 49.62%. The firm had revenue of $73.67 million for the quarter, compared to analyst estimates of $81.53 million. During the same period in the prior year, the business posted $0.37 EPS. On average, sell-side analysts predict that Viper Energy Partners will post 0.32 EPS for the current year.
In related news, President Hof Matthew Kaes Van’t sold 2,300 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $33.51, for a total value of $77,073.00. Following the completion of the transaction, the president now owns 44,624 shares of the company’s stock, valued at $1,495,350.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.30% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the stock. Raymond James Trust N.A. acquired a new position in Viper Energy Partners in the first quarter valued at about $230,000. Biltmore Wealth Management LLC acquired a new position in Viper Energy Partners in the first quarter valued at about $451,000. Geode Capital Management LLC raised its stake in Viper Energy Partners by 15.8% in the fourth quarter. Geode Capital Management LLC now owns 38,970 shares of the oil and gas producer’s stock valued at $1,014,000 after purchasing an additional 5,324 shares in the last quarter. Aurora Investment Counsel raised its stake in Viper Energy Partners by 34.1% in the fourth quarter. Aurora Investment Counsel now owns 79,441 shares of the oil and gas producer’s stock valued at $2,069,000 after purchasing an additional 20,208 shares in the last quarter. Finally, CI Investments Inc. acquired a new position in Viper Energy Partners in the fourth quarter valued at about $37,850,000. 32.24% of the stock is owned by institutional investors and hedge funds.
Viper Energy Partners Company Profile
Viper Energy Partners LP owns, acquires, and exploits oil and natural gas properties in North America. As of December 31, 2018, it had mineral interests in 14,841 net royalty acres in the Permian Basin and Eagle Ford Shale with estimated proved oil and natural gas reserves of 63,136 thousand barrels of crude oil equivalent.
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