Viper Energy price target raised to $35 from $34 at Evercore ISI

Evercore ISI analyst Stephen Richardson raised the firm’s price target on Viper Energy (VNOM) to $35 from $34 and keeps an Outperform rating on the shares. Viper shares have trailed the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and mineral peers since the company’s’ Q1 earnings report, notes the analyst, who sees “an attractive entry point” and positive setup into Q2 earnings. The firm believes concerns by some around the greater role of buybacks in cash return are misplaced and views buybacks as supportive of Viper’s long-term focus on growing per share cash returns to investors, the analyst added.