Viper Energy Inc (NASDAQ:VNOM) has released its Q3 2024 earnings, beating analysts' expectations with $0.22 million in revenue and a 25.25% earnings surprise. However, expected revenue and earnings for the full year 2024 have seen a decline, while estimates for 2025 have increased. With a current average price target of $52.73 and a "Strong Buy" average brokerage recommendation, there is potential for upside in the stock. However, GuruFocus estimates a downside of -37.35% in one year, urging caution before investing in the stock.
Viper Energy Inc. Q3 2024 Earnings Report: A Beat But Challenges Remain
Background
Viper Energy Inc. (NASDAQ: VNOM) is an independent oil and gas exploration and production company headquartered in Houston, Texas. The company primarily operates in the Permian Basin in West Texas and the Gulf Coast in Louisiana.
Q3 2024 Earnings
On November 14, 2023, Viper Energy reported its financial results for the third quarter of 2024. The company reported revenue of $0.22 million, beating analysts' expectations by 25.25%. The earnings per share (EPS) came in at $0.01, a significant improvement from the loss per share of $0.12 reported in Q3 2023.
Full-Year Outlook
While the Q3 results were positive, Viper Energy revised its full-year 2024 guidance downward. The company now expects revenue of between $1.05 million and $1.15 million, down from the previous range of $1.2 million to $1.3 million. EPS is expected to be in the range of $0.10 to $0.14, down from the previous guidance of $0.20 to $0.24.
However, the company's outlook for 2025 has improved. Revenue is now expected to be in the range of $1.6 million to $1.8 million, up from the previous range of $1.5 million to $1.7 million. EPS is expected to be in the range of $0.30 to $0.38, up from the previous guidance of $0.25 to $0.35.
Analyst Commentary
Analysts remain bullish on Viper Energy despite the revised full-year guidance. The average price target for the stock is currently $52.73, with an average brokerage recommendation of "Strong Buy."
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