Wells Fargo & Company Initiates Coverage on Viper Energy (NASDAQ:VNOM)

Equities researchers at Wells Fargo & Company initiated coverage on shares of Viper Energy (NASDAQ:VNOM) in a note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage set an “overweight” rating and a $51.00 price target on the oil and gas producer’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 23.01% from the stock’s previous close.

Several other research analysts have also recently weighed in on VNOM. The Goldman Sachs Group set a $72.00 price target on shares of Viper Energy in a research note on Monday, March 3rd. Truist Financial dropped their target price on shares of Viper Energy from $78.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Piper Sandler decreased their price objective on Viper Energy from $64.00 to $63.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Barclays boosted their target price on shares of Viper Energy from $58.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Finally, Raymond James restated an “outperform” rating and issued a $58.00 price target (down from $64.00) on shares of Viper Energy in a research report on Tuesday, February 4th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $59.00.

Viper Energy Price Performance

Shares of NASDAQ:VNOM opened at $41.46 on Friday. Viper Energy has a 1-year low of $35.46 and a 1-year high of $56.76. The business has a fifty day moving average price of $47.86 and a 200-day moving average price of $49.21. The company has a market capitalization of $8.83 billion, a PE ratio of 17.79 and a beta of 1.69. The company has a debt-to-equity ratio of 0.25, a current ratio of 7.24 and a quick ratio of 7.24.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Viper Energy by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 10,094,960 shares of the oil and gas producer’s stock worth $495,360,000 after purchasing an additional 239,404 shares in the last quarter. FIL Ltd boosted its holdings in Viper Energy by 8.5% in the 4th quarter. FIL Ltd now owns 3,964,130 shares of the oil and gas producer’s stock worth $194,520,000 after acquiring an additional 310,890 shares during the period. State Street Corp grew its position in Viper Energy by 78.2% in the third quarter. State Street Corp now owns 3,833,257 shares of the oil and gas producer’s stock valued at $172,918,000 after acquiring an additional 1,682,183 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in Viper Energy by 20.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,309,425 shares of the oil and gas producer’s stock valued at $113,324,000 after acquiring an additional 389,473 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Viper Energy during the fourth quarter valued at approximately $95,505,000. Hedge funds and other institutional investors own 87.72% of the company’s stock.

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.