Citigroup Forecasts Strong Price Appreciation for Viper Energy (NASDAQ:VNOM) Stock

Viper Energy (NASDAQ:VNOM) had its target price hoisted by investment analysts at Citigroup from $52.00 to $57.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the oil and gas producer’s stock. Citigroup’s price target suggests a potential upside of 25.55% from the company’s previous close.

Several other analysts have also recently weighed in on the stock. Mizuho raised their price objective on shares of Viper Energy from $52.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, February 24th. Truist Financial initiated coverage on Viper Energy in a report on Tuesday, March 24th. They set a “buy” rating and a $54.00 price objective on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Viper Energy in a research note on Wednesday, January 21st. TD Securities increased their price target on shares of Viper Energy from $54.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Finally, Wall Street Zen raised shares of Viper Energy from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.60.

Viper Energy Price Performance

Shares of NASDAQ VNOM opened at $45.40 on Tuesday. The stock’s 50-day simple moving average is $44.42 and its two-hundred day simple moving average is $40.14. Viper Energy has a twelve month low of $34.71 and a twelve month high of $49.08. The firm has a market capitalization of $16.23 billion, a P/E ratio of -197.38, a P/E/G ratio of 1.12 and a beta of 0.50. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 0.21.

Viper Energy (NASDAQ:VNOM) last issued its quarterly earnings results on Monday, February 23rd. The oil and gas producer reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.04. Viper Energy had a positive return on equity of 2.62% and a negative net margin of 4.87%.The firm had revenue of $435.00 million during the quarter, compared to the consensus estimate of $415.51 million. During the same quarter last year, the company posted $2.04 EPS. The company’s revenue for the quarter was up 87.6% on a year-over-year basis. As a group, equities analysts anticipate that Viper Energy will post 2.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Viper Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Viper Energy by 38.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,881 shares of the oil and gas producer’s stock valued at $2,162,000 after acquiring an additional 13,218 shares during the period. Goldman Sachs Group Inc. lifted its position in Viper Energy by 264.2% in the first quarter. Goldman Sachs Group Inc. now owns 240,799 shares of the oil and gas producer’s stock valued at $10,872,000 after purchasing an additional 174,684 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Viper Energy by 22.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 204,499 shares of the oil and gas producer’s stock valued at $9,233,000 after purchasing an additional 37,847 shares during the last quarter. Creative Planning boosted its stake in shares of Viper Energy by 18.1% during the second quarter. Creative Planning now owns 13,865 shares of the oil and gas producer’s stock valued at $529,000 after purchasing an additional 2,121 shares during the period. Finally, Cetera Investment Advisers boosted its stake in shares of Viper Energy by 30.9% during the second quarter. Cetera Investment Advisers now owns 20,492 shares of the oil and gas producer’s stock valued at $781,000 after purchasing an additional 4,833 shares during the period. Institutional investors own 87.72% of the company’s stock.

Viper Energy Company Profile

Viper Energy Partners LP is a publicly traded master limited partnership that owns and intends to acquire mineral and royalty interests in oil and natural gas properties. As a pass-through entity, Viper Energy Partners does not engage in drilling or production operations directly; instead, it generates revenues by holding overriding royalty interests, mineral fee interests and royalty fee interests. These interests entitle the partnership to receive a percentage of the proceeds from hydrocarbons produced and sold by third-party operators.

The partnership’s assets are concentrated in the Permian Basin, with a primary focus on the Delaware Basin region of West Texas and southeastern New Mexico.