Cannon Global Investment Management LLC Takes Position in Viper Energy, Inc. (NASDAQ:VNOM)

Cannon Global Investment Management LLC purchased a new stake in Viper Energy, Inc. (NASDAQ:VNOM) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 20,100 shares of the oil and gas producer’s stock, valued at approximately $631,000. Viper Energy comprises 4.7% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 6th biggest holding.

Several other hedge funds have also made changes to their positions in VNOM. Bank of America Corp DE lifted its stake in shares of Viper Energy by 273.6% in the first quarter. Bank of America Corp DE now owns 560,143 shares of the oil and gas producer’s stock valued at $15,684,000 after buying an additional 410,198 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Viper Energy by 123.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 544,626 shares of the oil and gas producer’s stock valued at $17,090,000 after buying an additional 301,288 shares during the period. Heartland Advisors Inc. bought a new stake in shares of Viper Energy in the third quarter valued at about $6,552,000. Two Sigma Investments LP lifted its stake in shares of Viper Energy by 286.8% in the fourth quarter. Two Sigma Investments LP now owns 209,016 shares of the oil and gas producer’s stock valued at $6,645,000 after buying an additional 154,973 shares during the period. Finally, Two Sigma Advisers LP lifted its stake in Viper Energy by 98.8% during the first quarter. Two Sigma Advisers LP now owns 243,900 shares of the oil and gas producer’s stock worth $6,829,000 after purchasing an additional 121,200 shares during the period. Institutional investors own 87.72% of the company’s stock.

Viper Energy Price Performance

Shares of Viper Energy stock traded up $0.32 during midday trading on Friday, reaching $39.24. The company had a trading volume of 73,363 shares, compared to its average volume of 965,403. The company has a current ratio of 4.32, a quick ratio of 4.32 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $6.94 billion, a price-to-earnings ratio of 14.41 and a beta of 1.79. The stock has a fifty day simple moving average of $36.93 and a 200 day simple moving average of $32.53. Viper Energy, Inc. has a 1-year low of $24.48 and a 1-year high of $41.22.

Viper Energy (NASDAQ:VNOM) last released its earnings results on Tuesday, February 20th. The oil and gas producer reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.20. Viper Energy had a net margin of 24.17% and a return on equity of 8.29%. The firm had revenue of $204.70 million during the quarter, compared to analyst estimates of $204.61 million. During the same quarter in the previous year, the business earned $0.28 EPS. The business’s quarterly revenue was up .5% compared to the same quarter last year. As a group, equities research analysts forecast that Viper Energy, Inc. will post 1.72 earnings per share for the current year.

Viper Energy Increases Dividend

The firm also recently announced a None dividend, which was paid on Tuesday, March 12th. Shareholders of record on Tuesday, March 5th were issued a dividend of $0.56 per share. This represents a yield of 3%. The ex-dividend date of this dividend was Monday, March 4th. This is a positive change from Viper Energy’s previous None dividend of $0.09. Viper Energy’s payout ratio is currently 40.00%.

Analysts Set New Price Targets

A number of brokerages have commented on VNOM. Raymond James cut their price target on shares of Viper Energy from $38.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Barclays began coverage on shares of Viper Energy in a research note on Wednesday, April 10th. They set an “overweight” rating and a $44.00 price target for the company. Truist Financial raised their price target on shares of Viper Energy from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. StockNews.com cut shares of Viper Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. Finally, Piper Sandler cut their target price on shares of Viper Energy from $37.00 to $36.00 and set an “overweight” rating for the company in a research note on Wednesday, January 24th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $39.50.

About Viper Energy

Viper Energy, Inc owns and acquires mineral and royalty interests in oil and natural gas properties in the Permian Basin, North America. Viper Energy Partners GP LLC operates as the general partner of the company. The company was formerly known as Viper Energy Partners LP and changed its name to Viper Energy, Inc in November 2023.