Pasadena Private Wealth LLC Takes Position in Viper Energy Inc. $VNOM

Pasadena Private Wealth LLC acquired a new position in shares of Viper Energy Inc. (NASDAQ:VNOM) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 19,120 shares of the oil and gas producer’s stock, valued at approximately $731,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Financial Gravity Companies Inc. purchased a new position in Viper Energy in the second quarter valued at about $27,000. Steigerwald Gordon & Koch Inc. acquired a new stake in shares of Viper Energy in the 3rd quarter worth approximately $31,000. Assetmark Inc. increased its stake in Viper Energy by 48.7% in the 2nd quarter. Assetmark Inc. now owns 1,068 shares of the oil and gas producer’s stock valued at $41,000 after purchasing an additional 350 shares in the last quarter. CoreCap Advisors LLC raised its holdings in Viper Energy by 503.3% during the third quarter. CoreCap Advisors LLC now owns 1,086 shares of the oil and gas producer’s stock worth $42,000 after purchasing an additional 906 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its position in Viper Energy by 82.5% during the second quarter. First Horizon Advisors Inc. now owns 1,181 shares of the oil and gas producer’s stock worth $45,000 after purchasing an additional 534 shares in the last quarter. 87.72% of the stock is currently owned by institutional investors and hedge funds.

Viper Energy Stock Performance

Viper Energy stock opened at $36.54 on Friday. The stock has a fifty day moving average price of $37.96 and a 200 day moving average price of $37.97. Viper Energy Inc. has a 52 week low of $34.71 and a 52 week high of $52.03. The firm has a market capitalization of $13.14 billion, a P/E ratio of 15.10, a PEG ratio of 21.69 and a beta of 0.48. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.20.

Viper Energy (NASDAQ:VNOM) last posted its quarterly earnings results on Monday, November 3rd. The oil and gas producer reported $0.40 EPS for the quarter, beating the consensus estimate of $0.38 by $0.02. The company had revenue of $418.00 million during the quarter, compared to analysts’ expectations of $389.35 million. Viper Energy had a return on equity of 3.09% and a net margin of 20.62%.The firm’s revenue was up 98.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.49 EPS. Equities research analysts anticipate that Viper Energy Inc. will post 2.02 earnings per share for the current year.

Viper Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Thursday, November 13th were given a $0.33 dividend. The ex-dividend date of this dividend was Thursday, November 13th. This represents a $1.32 annualized dividend and a dividend yield of 3.6%. Viper Energy’s dividend payout ratio (DPR) is currently 54.55%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on VNOM. Jefferies Financial Group began coverage on shares of Viper Energy in a research note on Thursday, October 23rd. They set a “hold” rating and a $38.00 price objective for the company. Barclays increased their target price on Viper Energy from $57.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. TD Securities set a $54.00 price target on Viper Energy in a report on Tuesday, September 30th. Weiss Ratings restated a “hold (c)” rating on shares of Viper Energy in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company lifted their price objective on Viper Energy from $49.00 to $51.00 and gave the stock an “overweight” rating in a research report on Monday, November 17th. Fourteen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.20.

Viper Energy Company 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.