Mountain Lake Investment Management LLC Makes New $9.85 Million Investment in Viper Energy Inc. $VNOM

Mountain Lake Investment Management LLC purchased a new position in shares of Viper Energy Inc. (NASDAQ:VNOM) in the third quarter, HoldingsChannel reports. The institutional investor purchased 257,808 shares of the oil and gas producer’s stock, valued at approximately $9,853,000. Viper Energy makes up about 7.3% of Mountain Lake Investment Management LLC’s holdings, making the stock its 5th biggest holding.

Other hedge funds also recently modified their holdings of the company. Millennium Management LLC grew its stake in shares of Viper Energy by 125.0% in the third quarter. Millennium Management LLC now owns 505,194 shares of the oil and gas producer’s stock worth $19,309,000 after acquiring an additional 280,665 shares during the last quarter. Moneta Group Investment Advisors LLC raised its stake in Viper Energy by 4.6% during the 3rd quarter. Moneta Group Investment Advisors LLC now owns 9,239 shares of the oil and gas producer’s stock valued at $353,000 after purchasing an additional 409 shares during the last quarter. Lighthouse Investment Partners LLC raised its stake in Viper Energy by 12.5% during the 3rd quarter. Lighthouse Investment Partners LLC now owns 90,000 shares of the oil and gas producer’s stock valued at $3,440,000 after purchasing an additional 10,000 shares during the last quarter. Hilltop Holdings Inc. bought a new stake in Viper Energy in the 3rd quarter valued at $1,112,000. Finally, Focus Partners Wealth bought a new stake in Viper Energy in the 3rd quarter valued at $354,000. 87.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

VNOM has been the topic of several research reports. Citigroup boosted their price objective on shares of Viper Energy from $45.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Morgan Stanley reduced their target price on shares of Viper Energy from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday, January 23rd. Barclays decreased their target price on Viper Energy from $60.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 21st. Piper Sandler boosted their price target on Viper Energy from $64.00 to $68.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Viper Energy in a report on Wednesday, January 21st. Fourteen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.79.

Viper Energy Stock Up 1.5%

VNOM opened at $44.90 on Tuesday. The company has a market capitalization of $16.05 billion, a P/E ratio of -195.21 and a beta of 0.48. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.72 and a quick ratio of 3.72. The firm’s fifty day moving average price is $42.00 and its two-hundred day moving average price is $39.44. Viper Energy Inc. has a fifty-two week low of $34.71 and a fifty-two week high of $48.00.

Viper Energy (NASDAQ:VNOM) last announced its quarterly earnings data on Monday, February 23rd. The oil and gas producer reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.04. The company had revenue of $435.00 million during the quarter, compared to analysts’ expectations of $415.51 million. Viper Energy had a negative net margin of 4.87% and a positive return on equity of 2.62%. The business’s revenue was up 87.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.04 EPS. On average, analysts anticipate that Viper Energy Inc. will post 2.02 EPS for the current year.

Viper Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 12th. Investors of record on Thursday, March 5th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, March 5th. This is an increase from Viper Energy’s previous quarterly dividend of $0.33. This represents a $1.52 dividend on an annualized basis and a yield of 3.4%. Viper Energy’s payout ratio is presently -660.87%.

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.