BofA Securities Starts Viper Energy (VNOM) at Buy

BofA Securities analyst Kalei Akamine initiates coverage on Viper Energy (NASDAQ: VNOM) with a Buy rating and a price target of $64.00.

The analyst comments "We are initiating coverage of Viper Energy with a Buy rating and a $64 price objective, implying total return potential of 22%. VNOM is an oil and gas royalty company with operations focused in the Permian basin. Unique to Viper is the support it has from a strong financial sponsor in Diamondback Energy (43% stake), the largest publicly-traded oil producer in the Midland Basin (ticker: FANG). More than half of Viper’s mineral rights derive from Diamondback operated leases – and they are expected to provide more than a decade of low single digit oil production growth. This differentiates VNOM from peers which currently have no growth and no more than one year of production visibility."

For an analyst ratings summary and ratings history on Viper Energy click here. For more ratings news on Viper Energy click here.

Shares of Viper Energy closed at $54.20 yesterday.

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