Truist Securities Starts Viper Energy (VNOM) at Buy
Truist Securities analyst Gabe Daoud initiates coverage on Viper Energy (NASDAQ: VNOM) with a Buy rating and a price target of $54.00.
The analyst comments "We initiate coverage on Viper Energy with a Buy rating and $54 PT which represents 1x our 2P NAV underpinned by $60/bbl and $3.50/Mcf LT. VNOM stands out as a largecap mineral and royalty interest company with focus on owning and acquiring mineral and royalty interest in oil and natural gas properties in the Permian Basin. We estimate Permian Basin oil production grows at +3% CAGR through 2030, while FANG operations provide considerable line of site into future operations. Valuation remains compelling as VNOM trades at considerable discount to peers."
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Shares of Viper Energy closed at $48.09 yesterday.