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 note issued 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 commented on VNOM. Piper Jaffray Cos. started coverage on shares of Viper Energy Partners in a research report on Monday, July 11th. They issued an “overweight” rating and a $22.00 price objective on the stock. Simmons reaffirmed an “overweight” rating and set a $22.00 price target on shares of Viper Energy Partners in a research report on Monday, July 11th. Mizuho initiated coverage on shares of Viper Energy Partners in a research report on Wednesday, October 5th. They set a “neutral” rating and a $17.00 price target on the stock. Finally, Barclays PLC dropped their price target on shares of Viper Energy Partners from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $19.57.
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Viper Energy Partners (NASDAQ:VNOM) traded down 0.72% during midday trading on Wednesday, reaching $16.58. 6,290 shares of the company’s stock were exchanged. The firm’s 50-day moving average is $16.32 and its 200 day moving average is $17.62. Viper Energy Partners has a 1-year low of $12.69 and a 1-year high of $20.25. The stock’s market cap is $1.44 billion.
In related news, VP Randall J. Holder acquired 5,000 shares of the firm’s stock in a transaction on Thursday, September 8th. The shares were purchased at an average cost of $16.44 per share, for a total transaction of $82,200.00. Following the completion of the acquisition, the vice president now directly owns 10,000 shares in the company, valued at $164,400. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Diamondback Energy, Inc. acquired 2,000,000 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was bought 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 owns 72,450,000 shares of the company’s stock, valued at $1,130,220,000. The disclosure for this purchase can be found here.
Institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position 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 valued at $539,000 after buying an additional 3,944 shares in the last quarter. Wellington Management Group LLP increased its position 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 valued at $31,691,000 after buying an additional 37,264 shares during the period. Boston Partners increased its position in Viper Energy Partners by 17.9% in the second quarter. Boston Partners now owns 1,172,815 shares of the company’s stock valued at $21,873,000 after buying an additional 177,984 shares during the period. Finally, Waddell & Reed Financial Inc. increased its position 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 valued at $14,703,000 after buying an additional 116,100 shares during the period. Hedge funds and other institutional investors 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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