Viper Energy Partners LP (VNOM) Cut to “Hold” at Zacks Investment Research
Viper Energy Partners LP (NASDAQ:VNOM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Viper Energy Partners LP is engaged in owning, acquiring and exploiting oil and natural gas properties primarily in North America. It focuses on developing mineral interests in the Permian Basin in West Texas. Viper Energy Partners LP is based in Midland, Texas. “
A number of other brokerages also recently weighed in on VNOM. Simmons reiterated an “overweight” rating and issued a $22.00 target price on shares of Viper Energy Partners in a report on Monday, July 11th. Piper Jaffray Cos. started coverage on Viper Energy Partners in a report on Monday, July 11th. They issued an “overweight” rating and a $22.00 target price on the stock. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $20.33.
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Shares of Viper Energy Partners (NASDAQ:VNOM) opened at 16.03 on Wednesday. The company has a 50 day moving average of $16.43 and a 200 day moving average of $17.66. The firm’s market capitalization is $1.39 billion. Viper Energy Partners has a 52-week low of $12.69 and a 52-week high of $20.25.
The company also recently declared a quarterly dividend, which was paid on Monday, August 22nd. Investors of record on Monday, August 15th were paid a $0.189 dividend. This is a boost from Viper Energy Partners’s previous quarterly dividend of $0.15. The ex-dividend date was Thursday, August 11th. This represents a $0.76 annualized dividend and a dividend yield of 4.72%. Viper Energy Partners’s payout ratio is presently -230.30%.
In other news, Director Diamondback Energy, Inc. purchased 2,000,000 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was acquired at an average price of $15.60 per share, with a total value of $31,200,000.00. Following the purchase, the director now owns 72,450,000 shares in the company, valued at approximately $1,130,220,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Randall J. Holder purchased 5,000 shares of the stock in a transaction that occurred on Thursday, September 8th. The stock was purchased at an average cost of $16.44 per share, with a total value of $82,200.00. Following the purchase, the vice president now owns 10,000 shares in the company, valued at approximately $164,400. The disclosure for this purchase can be found here.
Large investors have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its stake in shares of Viper Energy Partners by 2.0% in the first quarter. Wellington Management Group LLP now owns 1,943,064 shares of the company’s stock worth $31,691,000 after buying an additional 37,264 shares during the last quarter. Boston Partners boosted its stake in shares of Viper Energy Partners by 17.9% in the second quarter. Boston Partners now owns 1,172,815 shares of the company’s stock worth $21,873,000 after buying an additional 177,984 shares during the last quarter. Waddell & Reed Financial Inc. boosted its stake in shares of Viper Energy Partners by 17.3% in the second quarter. Waddell & Reed Financial Inc. now owns 788,382 shares of the company’s stock worth $14,703,000 after buying an additional 116,100 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Viper Energy Partners by 13.5% in the first quarter. Geode Capital Management LLC now owns 33,086 shares of the company’s stock worth $539,000 after buying an additional 3,944 shares during the last quarter. 7.87% of the stock is owned by institutional investors and hedge funds.
Viper Energy Partners Company Profile
Viper Energy Partners LP is a limited partnership that owns, acquires and exploits oil and natural gas properties in North America. The Company’s business objective is to provide an attractive return to its unitholders by focusing on business results, maximizing distributions through organic growth and pursuing accretive growth opportunities through acquisitions of mineral, royalty, overriding royalty, net profits and similar interests from Diamondback Energy, Inc and from third parties.
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