Viper Energy price target lowered to $58 from $64 at Raymond James

Raymond James analyst John Freeman lowered the firm’s price target on Viper Energy (VNOM) to $58 from $64 and keeps an Outperform rating on the shares. Viper Energy last week announced an equity raise of about $1.1B with the sale of 24.64M shares, and the proceeds will go towards the purchase of the Endeavor dropdown from Diamondback Energy (FANG), the analyst tells investors in a research note. The dropdown transaction was the largest ever done in the minerals industry and provides Viper with a massive scale advantage going forward, Raymond James says.