Mizuho Securities Starts Viper Energy Partners LP (VNOM) at Neutral
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Mizuho Securities initiates coverage on Viper Energy Partners LP (NASDAQ: VNOM) with a Neutral rating and a price target of $17.00.
Analyst Timothy Rezvan commented, "Viper's LP units represent a way to play oil beta with a dividend, without the balance sheet risk of a typical E&P. Distributable CF from unhedged production Viper receives from its mineral rights will rise and fall in lockstep with oil prices. We understand the yield-oriented value proposition LP units offer, but remain on the sidelines, given our cautious oil price outlook and low liquidity of VNOM units. Diamondback may sell units to increase the LP units' float from 16%, but we view it as unlikely in the near-term."
Shares of Viper Energy Partners LP closed at $16.06 yesterday.
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