Viper Energy Partners LP (VNOM) Lowered to Sell at Zacks Investment Research
Viper Energy Partners LP (NASDAQ:VNOM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” 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 analysts have also weighed in on the stock. Piper Jaffray Cos. started coverage on shares of Viper Energy Partners in a research note on Monday, July 11th. They issued an “overweight” rating and a $22.00 price target for the company. Mizuho started coverage on shares of Viper Energy Partners in a research note on Wednesday, October 5th. They set a “neutral” rating and a $17.00 target price for the company. Simmons reissued an “overweight” rating and set a $22.00 target price on shares of Viper Energy Partners in a research note on Monday, July 11th. Finally, Barclays PLC cut their target price on shares of Viper Energy Partners from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. Viper Energy Partners currently has a consensus rating of “Buy” and an average target price of $19.57.
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Shares of Viper Energy Partners (NASDAQ:VNOM) traded down 3.29% during trading on Wednesday, hitting $16.15. 50,690 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $16.30 and its 200 day moving average is $17.61. Viper Energy Partners has a 1-year low of $12.69 and a 1-year high of $20.25. The firm’s market capitalization is $1.40 billion.
In other news, Director Diamondback Energy, Inc. purchased 2,000,000 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were acquired at an average price of $15.60 per share, for a total transaction of $31,200,000.00. Following the completion of the acquisition, the director now directly owns 72,450,000 shares of the company’s stock, valued at $1,130,220,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Randall J. Holder purchased 5,000 shares of the business’s stock in a transaction dated Thursday, September 8th. The shares were purchased at an average price of $16.44 per share, for a total transaction of $82,200.00. Following the acquisition, the vice president now directly owns 10,000 shares of the company’s stock, valued at $164,400. The disclosure for this purchase can be found here.
Large investors have recently added to or reduced their stakes in the stock. Waddell & Reed Financial Inc. raised its stake in 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 in the last quarter. Boston Partners raised its stake in 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 in the last quarter. Wellington Management Group LLP raised its stake in 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 in the last quarter. Finally, Geode Capital Management LLC raised its stake in 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 in the last quarter. Institutional investors and hedge funds own 7.87% of the company’s stock.
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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