Wells Fargo analyst Hanwen Chang raised the firm’s price target on Viper Energy (VNOM) to $51 from $49 and keeps an Overweight rating on the shares. The firm notes Viper enters 2026 with a streamlined, Permian-only production base and a significantly improved financial profile following the divestiture of non-Permian assets. The company guided mid-single-digit organic oil growth in 2026 from its Permian-only base, which reflects Q4 2025 levels adjusted for divested volumes. This transition enhances mix quality as lower-margin barrels roll off in a softer oil-price environment, positioning Viper for structurally higher cash available for distribution margins and a more predictable volume trajectory, Wells adds.
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