Zacks Investment Research upgraded shares of Viper Energy Partners (NASDAQ:VNOM) from a hold rating to a buy rating in a research note issued to investors on Friday, Zacks.com reports. The firm currently has $37.00 price objective 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.”
VNOM has been the topic of several other reports. Raymond James set a $52.00 target price on Viper Energy Partners and gave the company a buy rating in a report on Wednesday, January 23rd. ValuEngine upgraded Viper Energy Partners from a buy rating to a strong-buy rating in a report on Thursday, February 7th. SunTrust Banks upped their target price on Viper Energy Partners to $40.00 and gave the company a buy rating in a report on Thursday, February 7th. BidaskClub cut Viper Energy Partners from a buy rating to a hold rating in a report on Tuesday, March 19th. Finally, TD Securities upped their target price on Viper Energy Partners from $44.00 to $45.00 and gave the company a buy rating in a report on Thursday, February 28th. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of Buy and an average price target of $42.58.
Viper Energy Partners (NASDAQ:VNOM) last announced its earnings results on Tuesday, February 5th. The oil and gas producer reported ($0.01) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.17). Viper Energy Partners had a net margin of 49.62% and a return on equity of 6.74%. The company had revenue of $73.67 million during the quarter, compared to the consensus estimate of $81.53 million. During the same quarter in the previous year, the company earned $0.37 earnings per share. As a group, sell-side analysts anticipate that Viper Energy Partners will post 0.32 EPS for the current fiscal year.
In other Viper Energy Partners news, President Hof Matthew Kaes Van’t sold 2,300 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $33.51, for a total value of $77,073.00. Following the transaction, the president now directly owns 44,624 shares of the company’s stock, valued at $1,495,350.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.30% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. acquired a new position in shares of Viper Energy Partners during the fourth quarter worth approximately $76,000. Caz Investments LP acquired a new position in shares of Viper Energy Partners during the fourth quarter worth approximately $104,000. Penn Capital Management Co. Inc. acquired a new position in shares of Viper Energy Partners during the third quarter worth approximately $213,000. Northeast Investment Management raised its position in shares of Viper Energy Partners by 30.5% during the fourth quarter. Northeast Investment Management now owns 8,589 shares of the oil and gas producer’s stock worth $224,000 after purchasing an additional 2,007 shares during the period. Finally, Raymond James Trust N.A. acquired a new position in shares of Viper Energy Partners during the first quarter worth approximately $230,000. 32.24% of the stock is currently owned by hedge funds and other institutional investors.
About Viper Energy Partners
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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