Fifth Third Bancorp Grows Position in Viper Energy Inc. $VNOM

Fifth Third Bancorp raised its stake in Viper Energy Inc. (NASDAQ:VNOM) by 4,839.5% in the first quarter, HoldingsChannel.com reports. The fund owned 42,381 shares of the oil and gas producer’s stock after purchasing an additional 41,523 shares during the quarter. Fifth Third Bancorp’s holdings in Viper Energy were worth $1,991,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in VNOM. Capital World Investors boosted its stake in shares of Viper Energy by 4.0% during the fourth quarter. Capital World Investors now owns 12,916,557 shares of the oil and gas producer’s stock valued at $498,967,000 after acquiring an additional 493,203 shares during the last quarter. Wellington Management Group LLP raised its stake in Viper Energy by 11.1% in the 4th quarter. Wellington Management Group LLP now owns 11,491,534 shares of the oil and gas producer’s stock valued at $443,918,000 after purchasing an additional 1,144,863 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in Viper Energy by 21.9% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,711,539 shares of the oil and gas producer’s stock valued at $220,637,000 after purchasing an additional 1,024,838 shares in the last quarter. State Street Corp lifted its holdings in Viper Energy by 2.9% in the 2nd quarter. State Street Corp now owns 5,197,538 shares of the oil and gas producer’s stock valued at $198,182,000 after purchasing an additional 148,503 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Viper Energy by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 4,986,716 shares of the oil and gas producer’s stock worth $192,672,000 after purchasing an additional 258,082 shares during the last quarter. 87.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on VNOM. KeyCorp boosted their price objective on shares of Viper Energy from $56.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, April 2nd. Wall Street Zen lowered Viper Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Weiss Ratings restated a “hold (c)” rating on shares of Viper Energy in a report on Friday, July 17th. Truist Financial dropped their target price on Viper Energy from $58.00 to $52.00 and set a “buy” rating for the company in a research note on Monday. Finally, Mizuho increased their target price on Viper Energy from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Fifteen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Viper Energy currently has an average rating of “Moderate Buy” and a consensus target price of $57.57.

Viper Energy Stock Up 0.9%

Shares of VNOM opened at $45.27 on Thursday. The firm has a market cap of $16.25 billion, a PE ratio of -141.46 and a beta of 0.40. The company’s fifty day moving average is $44.41 and its two-hundred day moving average is $44.22. Viper Energy Inc. has a fifty-two week low of $35.10 and a fifty-two week high of $51.13. The company has a quick ratio of 6.17, a current ratio of 6.17 and a debt-to-equity ratio of 0.15.

Viper Energy (NASDAQ:VNOM) last released its quarterly earnings data on Monday, May 4th. The oil and gas producer reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.12. The business had revenue of $511.00 million during the quarter, compared to the consensus estimate of $499.81 million. Viper Energy had a positive return on equity of 2.64% and a negative net margin of 2.77%.The business’s revenue for the quarter was up 108.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.54 EPS. Analysts forecast that Viper Energy Inc. will post 2.42 earnings per share for the current year.

Viper Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Thursday, May 14th. Viper Energy’s payout ratio is -475.00%.

Viper Energy 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.