Bank of New York Mellon Corp Cuts Stake in Viper Energy, Inc. (NASDAQ:VNOM)

Bank of New York Mellon Corp cut its holdings in shares of Viper Energy, Inc. (NASDAQ:VNOM - Free Report) by 35.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,096,534 shares of the oil and gas producer's stock after selling 600,414 shares during the period. Bank of New York Mellon Corp owned about 0.58% of Viper Energy worth $53,807,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in VNOM. State Street Corp raised its holdings in Viper Energy by 78.2% during the 3rd quarter. State Street Corp now owns 3,833,257 shares of the oil and gas producer's stock worth $172,918,000 after purchasing an additional 1,682,183 shares during the last quarter. Yaupon Capital Management LP bought a new position in Viper Energy during the 3rd quarter worth approximately $18,044,000. Retirement Systems of Alabama bought a new position in Viper Energy during the 3rd quarter worth approximately $12,980,000. Zimmer Partners LP raised its holdings in Viper Energy by 344.0% during the 3rd quarter. Zimmer Partners LP now owns 325,000 shares of the oil and gas producer's stock worth $14,661,000 after purchasing an additional 251,800 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Viper Energy by 16.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,698,661 shares of the oil and gas producer's stock worth $76,647,000 after purchasing an additional 234,048 shares during the last quarter. 87.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on VNOM. Raymond James restated an "outperform" rating and set a $58.00 price target (down previously from $64.00) on shares of Viper Energy in a report on Tuesday, February 4th. Evercore ISI raised their price target on shares of Viper Energy from $45.00 to $58.00 and gave the stock an "outperform" rating in a report on Wednesday, January 8th. JPMorgan Chase & Co. lifted their price objective on shares of Viper Energy from $43.00 to $51.00 and gave the company an "overweight" rating in a research note on Thursday, December 5th. Barclays lifted their price objective on shares of Viper Energy from $58.00 to $60.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Finally, The Goldman Sachs Group assumed coverage on shares of Viper Energy in a research note on Monday, December 2nd. They issued a "buy" rating and a $70.00 price objective for the company. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $59.55.

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Viper Energy Stock Down 0.3 %

VNOM stock traded down $0.12 during midday trading on Friday, reaching $41.36. 1,694,311 shares of the company's stock traded hands, compared to its average volume of 1,207,285. The company has a market cap of $8.81 billion, a price-to-earnings ratio of 17.75 and a beta of 1.69. The firm's fifty day moving average price is $48.48 and its 200-day moving average price is $49.38. The company has a quick ratio of 7.24, a current ratio of 7.24 and a debt-to-equity ratio of 0.25. Viper Energy, Inc. has a 52 week low of $34.45 and a 52 week high of $56.76.

Viper Energy Increases Dividend

The firm also recently declared a dividend, which will be paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Thursday, March 6th. This is a positive change from Viper Energy's previous dividend of $0.22. Viper Energy's payout ratio is 32.70%.

About Viper Energy

Viper Energy, Inc engages in the acquisition of oil and natural gas properties. It owns, acquires, and exploits oil and natural gas properties in North America. The company was founded on February 27, 2014 and is headquartered in Midland, TX.