Viper Energy (VNOM) PT Raised to $54 at Raymond James

Raymond James analyst John Freeman raised the price target on Viper Energy (NASDAQ: VNOM) to $54.00 (from $52.00) while maintaining a Outperform rating.

The analyst comments "We’re updating estimates post 1Q results. VNOM’s drop down transaction closed on May 1, expanding the company’s Permian footprint by ~22,847 net royalty acres. Based on the company’s position at the end of 1Q, the drop down increased VNOM’s net royalty acres by roughly 62%, giving VNOM a massive scale advantage going forward. In 2Q25, we are modeling total production of 75.5 Mboe/d and oil volumes of 41.5 Mbbl/d, which are in-line with guidance/Street estimates. RJ 2025 production of 76.4 Mboe/d and oil volumes of 42.3 Mbbl/d fall roughly in line with guidance/Street. Looking ahead to 2026, management expects 4 Mbbl/d volume growth from FANG-operated properties along with the first round of completions from FANG and Double Eagle’s joint development program in Reagan County. We see steady q/q production growth through next year, yielding 2026 production of 92.5 Mboe/d and oil volumes of 52.5 Mbbl/d (both roughly in-line with Street). Overall, we reiterate our Outperform rating and raise our target price to $54/share on stronger commodity strip since our last publication."

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