Viper Energy Inc. (NASDAQ:VNOM) is one of the 10 oversold NASDAQ stocks to invest in right now.
On July 1, Viper Energy Inc. (NASDAQ:VNOM) announced that it had concluded the acquisition of Riverbend Oil and Gas IX
Viper paid roughly $337 million in cash and around 3.7 million of its Class A common shares to the sellers, Riverbend Oil & Gas IX (AIV), L.L.C., and ROG IX, L.L.C. charlie-hang-Hf1Wk-T4Lxo-unsplash The $337 million in cash consideration was paid through the existing cash balance, along with the company’s credit facility. On June 29, Devin McDermott from Morgan Stanley decreased the target price on Viper Energy Inc. (NASDAQ:VNOM) from $49 to $46, which still results in an upside potential of over 13% at the current level. The analyst reaffirmed an Overweight rating on the stock, pointing to the recent dip in oil prices, as the United States and Iran agreed on an MOU back in mid-June.
He also highlighted that the WTI is now slightly above the pre-conflict range. The broader consensus sentiment around the stock remained highly bullish as of the July 7 closing. The stock received Buy ratings from all 14 analysts who provided coverage.