Zacks Investment Research lowered shares of Viper Energy Partners (NASDAQ:VNOM – Get Rating) from a buy rating to a hold rating in a research note released on Wednesday, Zacks.com reports. The brokerage currently has $31.00 target price on the oil and gas producer’s stock.
According to Zacks, “Viper Energy generates strong and steady royalty income from mineral interests in Eagle Ford and the Permian Basin. The partnership has 26,708 net royalty acres, with 44 rigs currently operating on those acreages. For 2022, Viper Energy increased its average oil equivalent production guidance to 30.5-32.75 MBoe/d, which is expected to boost profits. The partnership also increased its quarterly cash distribution 42.6% to 67 cents per common unit. Its board increased its common unit repurchase program to $250 million from $150 million earlier. However, the partnership’s balance sheet weakness raises questions regarding its ability to meet the debt obligations. Also, it has been constantly bearing the brunt of increasing costs for the past few quarters, adversely affecting the income. As such, the stock warrants a cautious stance.”
Other analysts also recently issued reports about the stock. TD Securities boosted their price target on shares of Viper Energy Partners from $34.00 to $35.00 and gave the stock a buy rating in a research report on Tuesday, May 3rd. Wells Fargo & Company boosted their target price on shares of Viper Energy Partners from $30.00 to $35.00 and gave the stock an overweight rating in a report on Friday, March 25th. KeyCorp boosted their target price on shares of Viper Energy Partners from $28.00 to $33.00 and gave the stock an overweight rating in a report on Monday, April 11th. Truist Financial boosted their target price on shares of Viper Energy Partners from $40.00 to $45.00 in a report on Thursday, April 21st. Finally, StockNews.com began coverage on shares of Viper Energy Partners in a report on Thursday, March 31st. They set a hold rating on the stock. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Buy and a consensus price target of $35.00.
Viper Energy Partners (NASDAQ:VNOM – Get Rating) last posted its earnings results on Monday, May 2nd. The oil and gas producer reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.03). Viper Energy Partners had a net margin of 12.72% and a return on equity of 3.22%. During the same quarter last year, the business earned ($0.08) EPS. On average, sell-side analysts forecast that Viper Energy Partners will post 1.52 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 19th. Shareholders of record on Thursday, May 12th were given a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 8.21%. This is an increase from Viper Energy Partners’s previous quarterly dividend of $0.47. The ex-dividend date was Wednesday, May 11th. Viper Energy Partners’s payout ratio is currently 255.24%.
In other news, major shareholder Holdings L.P. Blackstone III sold 5,643 shares of the business’s stock in a transaction on Thursday, April 21st. The shares were sold at an average price of $32.13, for a total value of $181,309.59. Following the completion of the sale, the insider now directly owns 12,525,988 shares in the company, valued at $402,459,994.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Bx Guidon Topco Llc sold 125,336 shares of the business’s stock in a transaction on Friday, March 4th. The stock was sold at an average price of $29.92, for a total transaction of $3,750,053.12. The disclosure for this sale can be found here. Insiders sold 648,436 shares of company stock valued at $19,509,024 over the last three months. Insiders own 0.30% of the company’s stock.
Several institutional investors have recently modified their holdings of VNOM. Cardinal Capital Management LLC CT lifted its stake in shares of Viper Energy Partners by 13.5% in the third quarter. Cardinal Capital Management LLC CT now owns 2,780,414 shares of the oil and gas producer’s stock worth $60,752,000 after buying an additional 331,032 shares during the last quarter. Comerica Bank raised its stake in Viper Energy Partners by 46.6% during the 3rd quarter. Comerica Bank now owns 912,870 shares of the oil and gas producer’s stock valued at $17,429,000 after purchasing an additional 290,055 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Viper Energy Partners by 13.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,458,876 shares of the oil and gas producer’s stock valued at $53,727,000 after purchasing an additional 289,370 shares during the last quarter. Morgan Stanley raised its stake in Viper Energy Partners by 20.1% during the 2nd quarter. Morgan Stanley now owns 1,414,903 shares of the oil and gas producer’s stock valued at $26,644,000 after purchasing an additional 237,242 shares during the last quarter. Finally, Boston Partners raised its stake in Viper Energy Partners by 13.8% during the 4th quarter. Boston Partners now owns 1,950,608 shares of the oil and gas producer’s stock valued at $42,015,000 after purchasing an additional 236,655 shares during the last quarter. Institutional investors and hedge funds own 47.03% of the company’s stock.
About Viper Energy Partners (Get Rating)
Viper Energy Partners LP owns, acquires, and exploits oil and natural gas properties in North America. As of December 31, 2021, it had mineral interests in 27,027 net royalty acres in the Permian Basin and Eagle Ford Shale; and estimated proved oil and natural gas reserves of 127,888 thousand barrels of crude oil equivalent.
- Get a free copy of the StockNews.com research report on Viper Energy Partners (VNOM)
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