Viper Energy Partners LP (VNOM) Trading Down 3.8%
Viper Energy Partners LP (NASDAQ:VNOM) dropped 3.8% during trading on Wednesday . The company traded as low as $15.97 and last traded at $16.11, with a volume of 83,653 shares. The stock had previously closed at $16.75.
A number of brokerages have issued reports on VNOM. Simmons reaffirmed an “overweight” rating and set a $22.00 price objective on shares of Viper Energy Partners in a report on Monday, July 11th. Zacks Investment Research lowered shares of Viper Energy Partners from a “hold” rating to a “sell” rating in a report on Thursday, July 7th. Sterne Agee CRT reaffirmed a “neutral” rating on shares of Viper Energy Partners in a report on Monday, May 16th. Finally, Piper Jaffray Cos. began coverage on shares of Viper Energy Partners in a report on Monday, July 11th. They set an “overweight” rating and a $22.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $20.14.
The firm’s 50-day moving average price is $17.59 and its 200-day moving average price is $17.38. The firm’s market capitalization is $1.40 billion.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 22nd. Shareholders of record on Monday, August 15th will be paid a $0.189 dividend. The ex-dividend date is Thursday, August 11th. This represents a $0.76 annualized dividend and a dividend yield of 4.69%. This is a positive change from Viper Energy Partners’s previous quarterly dividend of $0.15.
In related news, Director Diamondback Energy, Inc. bought 2,000,000 shares of the stock in a transaction on Monday, August 1st. The shares were bought at an average cost of $15.60 per share, for a total transaction of $31,200,000.00. Following the purchase, the director now owns 72,450,000 shares of the company’s stock, valued at approximately $1,130,220,000. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Viper Energy Partners LP is a limited partnership that owns, acquires and exploits oil and natural gas properties in North America. The Company’s business objective is to provide an attractive return to its unitholders by focusing on business results, maximizing distributions through organic growth and pursuing accretive growth opportunities through acquisitions of mineral, royalty, overriding royalty, net profits and similar interests from Diamondback Energy, Inc and from third parties.
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