BofA analyst Kalei Akamine initiated coverage of Viper Energy (VNOM) with a Buy rating and $64 price target. Viper is an oil and gas royalty company with “unique” support from a “strong financial sponsor” in Diamondback Energy (FANG), which holds a 43% stake and is the largest publicly-traded oil producer in the Midland Basin, BofA tells investors. More than half of Viper’s mineral rights derive from Diamondback operated leases, which differentiates Viper from peers that currently have no growth and no more than one year of production visibility, the analyst tells investors.
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Read More on VNOM:
- Viper Energy price target raised to $62 from $58 at Raymond James
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- Viper Energy price target raised to $58 from $52 at Barclays
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
