HITE Hedge Asset Management LLC Has $28.05 Million Stake in Viper Energy Inc. $VNOM

HITE Hedge Asset Management LLC lowered its stake in shares of Viper Energy Inc. (NASDAQ:VNOM) by 56.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 726,136 shares of the oil and gas producer’s stock after selling 935,855 shares during the period. Viper Energy comprises approximately 1.8% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 17th biggest holding. HITE Hedge Asset Management LLC’s holdings in Viper Energy were worth $28,051,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Los Angeles Capital Management LLC acquired a new position in Viper Energy during the 4th quarter valued at about $27,000. Ameriflex Group Inc. bought a new position in shares of Viper Energy during the 3rd quarter worth approximately $38,000. Parallel Advisors LLC lifted its position in shares of Viper Energy by 68.3% during the 3rd quarter. Parallel Advisors LLC now owns 1,400 shares of the oil and gas producer’s stock worth $54,000 after buying an additional 568 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Viper Energy by 151.8% during the 3rd quarter. Fifth Third Bancorp now owns 1,536 shares of the oil and gas producer’s stock worth $59,000 after buying an additional 926 shares in the last quarter. Finally, Colonial Trust Advisors bought a new position in shares of Viper Energy during the 3rd quarter worth approximately $69,000. Institutional investors and hedge funds own 87.72% of the company’s stock.

Viper Energy Trading Up 1.6%

NASDAQ:VNOM opened at $44.38 on Friday. The company has a current ratio of 6.17, a quick ratio of 6.17 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $15.93 billion, a PE ratio of -138.68 and a beta of 0.38. The firm’s 50 day moving average is $46.71 and its 200 day moving average is $43.35. Viper Energy Inc. has a 12 month low of $35.10 and a 12 month high of $51.13.

Viper Energy (NASDAQ:VNOM) last posted its quarterly earnings results on Monday, May 4th. The oil and gas producer reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.12. The company had revenue of $511.00 million for the quarter, compared to analysts’ expectations of $499.82 million. Viper Energy had a negative net margin of 2.77% and a positive return on equity of 2.64%. Viper Energy’s revenue was up 108.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.54 EPS. Sell-side analysts expect that Viper Energy Inc. will post 2.5 earnings per share for the current year.

Viper Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Thursday, May 14th. Viper Energy’s payout ratio is -475.00%.

Analyst Upgrades and Downgrades

VNOM has been the topic of several recent analyst reports. Piper Sandler lifted their target price on shares of Viper Energy from $64.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Roth Mkm reissued a “buy” rating and set a $54.00 target price on shares of Viper Energy in a research report on Tuesday, May 5th. Royal Bank Of Canada initiated coverage on shares of Viper Energy in a research report on Friday, May 29th. They set an “outperform” rating and a $58.00 target price on the stock. Mizuho lifted their target price on shares of Viper Energy from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Finally, Citigroup lifted their target price on shares of Viper Energy from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.38.

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.