Viper Energy Partners LP (NASDAQ:VNOM) Lowered to “Hold” at Zacks Investment Research

Viper Energy Partners LP (NASDAQ:VNOM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday, July 5th.

According to Zacks, “Viper Energy Partners LP is engaged in owning, acquiring and exploiting oil and natural gas properties primarily in North America. It focuses on developing mineral interests in the Permian Basin in West Texas. Viper Energy Partners LP is based in Midland, Texas. “

Several other brokerages have also recently weighed in on VNOM. TheStreet upgraded Viper Energy Partners from a “c” rating to a “b-” rating in a research report on Monday, April 17th. Scotiabank reiterated a “hold” rating and set a $20.00 price target on shares of Viper Energy Partners in a research report on Monday, March 27th. Citigroup Inc. assumed coverage on Viper Energy Partners in a research report on Friday, March 31st. They set a “buy” rating and a $20.00 price target on the stock. Piper Jaffray Companies restated an “overweight” rating and issued a $22.00 price objective on shares of Viper Energy Partners in a research report on Friday, May 26th. Finally, Credit Suisse Group restated an “outperform” rating and issued a $22.00 price objective on shares of Viper Energy Partners in a research report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $20.18.

Shares of Viper Energy Partners (NASDAQ VNOM) traded down 1.83% during midday trading on Wednesday, reaching $17.16. 229,635 shares of the company’s stock were exchanged. Viper Energy Partners has a 12 month low of $13.53 and a 12 month high of $19.38. The company has a market cap of $1.67 billion, a P/E ratio of 45.04 and a beta of 0.93. The firm has a 50 day moving average price of $16.03 and a 200 day moving average price of $17.09.

Viper Energy Partners (NASDAQ:VNOM) last announced its quarterly earnings results on Tuesday, May 2nd. The oil and gas producer reported $0.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.03. Viper Energy Partners had a return on equity of 9.84% and a net margin of 33.56%. The firm had revenue of $33.65 million for the quarter, compared to analysts’ expectations of $29.06 million. Equities research analysts forecast that Viper Energy Partners will post $0.89 earnings per share for the current fiscal year.

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In other news, Director Michael L. Hollis acquired 2,917 shares of the firm’s stock in a transaction on Friday, May 12th. The stock was acquired at an average price of $17.71 per share, for a total transaction of $51,660.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael L. Hollis acquired 1,389 shares of the firm’s stock in a transaction on Friday, May 5th. The stock was purchased at an average price of $18.00 per share, with a total value of $25,002.00. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 773,552 shares of company stock valued at $11,211,091.

Institutional investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. purchased a new position in Viper Energy Partners during the first quarter worth about $121,000. A.R.T. Advisors LLC purchased a new position in Viper Energy Partners during the fourth quarter worth about $193,000. PEAK6 Investments L.P. purchased a new position in Viper Energy Partners during the first quarter worth about $196,000. Creative Planning increased its position in Viper Energy Partners by 1,215.5% in the second quarter. Creative Planning now owns 13,155 shares of the oil and gas producer’s stock worth $207,000 after buying an additional 12,155 shares during the period. Finally, Citadel Advisors LLC purchased a new position in Viper Energy Partners during the first quarter worth about $235,000. Institutional investors and hedge funds own 20.52% of the company’s stock.

Viper Energy Partners Company Profile

Viper Energy Partners LP is engaged in owning, acquiring and exploiting oil and natural gas properties in North America. The Company’s assets are located in the Permian Basin of West Texas. As of December 31, 2016, the Permian Basin consisted of approximately 85,000 square miles. As of December 31, 2016, its assets consisted of mineral interests underlying 107,568 gross acres in the Permian Basin.

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Analyst Recommendations for Viper Energy Partners (NASDAQ:VNOM)

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