KeyCorp Boosts Viper Energy (NASDAQ:VNOM) Price Target to $65.00

Viper Energy (NASDAQ:VNOM) had its price target lifted by KeyCorp from $56.00 to $65.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas producer’s stock. KeyCorp’s price target indicates a potential upside of 43.17% from the company’s current price.

A number of other equities analysts also recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Viper Energy in a research note on Wednesday, January 21st. Piper Sandler increased their target price on Viper Energy from $64.00 to $68.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Citigroup lifted their price target on Viper Energy from $52.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday. Wall Street Zen upgraded Viper Energy from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Finally, TD Securities lifted their target price on Viper Energy from $54.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $53.33.

Viper Energy Stock Performance

VNOM stock opened at $45.40 on Thursday. Viper Energy has a 1-year low of $34.71 and a 1-year high of $49.08. The business has a 50-day moving average price of $44.42 and a 200 day moving average price of $40.14. The company has a market capitalization of $16.23 billion, a P/E ratio of -197.38, a PEG ratio of 1.12 and a beta of 0.50. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.72 and a quick ratio of 3.72.

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

Hedge Funds Weigh In On Viper Energy

Several hedge funds have recently modified their holdings of the stock. Los Angeles Capital Management LLC acquired a new stake in Viper Energy in the 4th quarter worth approximately $27,000. Steigerwald Gordon & Koch Inc. acquired a new stake in shares of Viper Energy during the third quarter worth $31,000. Ameriflex Group Inc. purchased a new stake in shares of Viper Energy during the third quarter valued at $38,000. CoreCap Advisors LLC increased its position in shares of Viper Energy by 503.3% in the 3rd quarter. CoreCap Advisors LLC now owns 1,086 shares of the oil and gas producer’s stock valued at $42,000 after acquiring an additional 906 shares during the period. Finally, Parallel Advisors LLC increased its position in shares of Viper Energy by 68.3% in the 3rd quarter. Parallel Advisors LLC now owns 1,400 shares of the oil and gas producer’s stock valued at $54,000 after acquiring an additional 568 shares during the period. Institutional investors and hedge funds own 87.72% of the company’s stock.

About Viper Energy

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.