Evercore ISI raised the firm’s price target on Viper Energy (VNOM) to $58 from $45 and keeps an Outperform rating on the shares. The firm putting its preliminary Endeavor drop down expectations into Viper’s net asset value. Viper’s outperformance versus Diamondback Energy (FANG) last year widens the window for an accretive drop down, the analyst tells investors in a research note. Evercore believes the accretive acquisition of Tumbleweed and investor enthusiasm around the upcoming drop down of Endeavor minerals “support continued momentum” for Viper.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on VNOM:
- Viper Energy price target lowered to $63 from $64 at Piper Sandler
- Viper upgraded to Overweight on accretive drop-down at KeyBanc
- Viper Energy upgraded to Overweight from Sector Weight at KeyBanc
- Viper Energy price target raised to $51 from $43 at JPMorgan
- Bank of America Lights the Fuse on These 2 Energy Stocks