Wells Fargo & Company Issues Positive Forecast for Viper Energy (NASDAQ:VNOM) Stock Price

Viper Energy (NASDAQ:VNOM) had its price target upped by equities researchers at Wells Fargo & Company from $48.00 to $50.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 19.82% from the company’s previous close.

Several other research firms have also issued reports on VNOM. Evercore ISI raised their target price on shares of Viper Energy from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Wednesday, June 4th. Wall Street Zen raised shares of Viper Energy from a “sell” rating to a “hold” rating in a research report on Saturday, June 7th. Raymond James Financial reaffirmed an “outperform” rating and issued a $60.00 price objective (up previously from $54.00) on shares of Viper Energy in a research report on Thursday, June 5th. Barclays boosted their target price on shares of Viper Energy from $57.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 4th. Finally, Bank of America dropped their price objective on shares of Viper Energy from $53.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, May 23rd. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Viper Energy Stock Performance

VNOM opened at $41.73 on Monday. The stock has a market capitalization of $12.04 billion, a price-to-earnings ratio of 10.98, a PEG ratio of 21.89 and a beta of 1.00. The company has a fifty day moving average of $40.64 and a 200 day moving average of $45.02. Viper Energy has a fifty-two week low of $34.71 and a fifty-two week high of $56.76. The company has a debt-to-equity ratio of 0.15, a quick ratio of 8.70 and a current ratio of 8.70.

Viper Energy (NASDAQ:VNOM) last issued its quarterly earnings data on Monday, May 5th. The oil and gas producer reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. Viper Energy had a net margin of 43.43% and a return on equity of 5.41%. The business had revenue of $245.00 million during the quarter, compared to analysts’ expectations of $233.99 million. During the same period last year, the company posted $0.49 EPS. As a group, sell-side analysts forecast that Viper Energy will post 2.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Viper Energy

A number of hedge funds have recently modified their holdings of the business. Hodges Capital Management Inc. acquired a new stake in shares of Viper Energy in the first quarter valued at about $1,351,000. Strs Ohio acquired a new stake in shares of Viper Energy during the first quarter worth about $1,623,000. WBI Investments LLC acquired a new stake in shares of Viper Energy during the first quarter worth about $2,531,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings 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 acquiring an additional 37,847 shares in the last quarter. Finally, Woodline Partners LP raised its holdings in Viper Energy by 37.4% in the first quarter. Woodline Partners LP now owns 1,980,786 shares of the oil and gas producer’s stock valued at $89,432,000 after acquiring an additional 539,517 shares in the last quarter. 87.72% of the stock is currently owned by institutional investors and hedge funds.

About Viper Energy

Viper Energy, Inc engages in the acquisition of oil and natural gas properties. It owns, acquires, and exploits oil and natural gas properties in North America. The company was founded on February 27, 2014 and is headquartered in Midland, TX.