Viper Energy (VNOM) Rose on Upward Crude Oil Movement and Acquisition

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Small Cap Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. Small-cap stocks reported positive gains in the first quarter, consolidating the last year-end rally. Among the style indexes, the Russell 2000 Growth Index (up 7.58%) outperformed the Russell 2000 Value Index (up 2.91%) by a significant margin after two consecutive quarters of value outperformance. During the quarter, Information technology led the way by increasing 16.38%, outperforming the returns generated by its value counterparts. Please check the top five holdings of the fund to know more about its best picks in 2024.

Carillon Eagle Small Cap Growth Fund highlighted stocks like Viper Energy, Inc. (NASDAQ:VNOM) in the first quarter 2024 investor letter. Viper Energy, Inc. (NASDAQ:VNOM) owns and acquires mineral and royalty interests in oil and natural gas properties. The one-month return Viper Energy, Inc. (NASDAQ:VNOM) was 2.83%, and its shares gained 47.09% of their value over the last 52 weeks. On May 30, 2024, Viper Energy, Inc. (NASDAQ:VNOM) stock closed at $38.20 per share with a market capitalization of $6.756 billion.

Carillon Eagle Small Cap Growth Fund stated the following regarding Viper Energy, Inc. (NASDAQ:VNOM) in its first quarter 2024 investor letter:

"Viper Energy, Inc. (NASDAQ:VNOM) owns and acquires mineral and royalty interests in oil and natural gas properties primarily in the Permian Basin of West Texas and eastern New Mexico. The stock has had a solid run recently as it has benefitted both from the recent upward move in crude oil and from a recent sizable acquisition made by the company’s exploration and production parent. The company being acquired possesses a notable minerals portfolio, which has investors excited for the potential dropdown transaction opportunity for Viper."

The sun rising over a sprawling network of oil & gas pipelines near Midland, Texas.

Viper Energy, Inc. (NASDAQ:VNOM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Viper Energy, Inc. (NASDAQ:VNOM) at the end of the first quarter which was 17 in the previous quarter.

Viper Energy, Inc. (NASDAQ:VNOM) had a great first quarter, with a 21.50% year-over-year growth in revenue. Strong financial and operational results have led the Board to declare a combined base plus variable dividend of $0.59 per share for the first quarter.

In another article, we discussed Viper Energy, Inc. (NASDAQ:VNOM) and shared Bernzott Capital Advisors US Small Cap Value Fund's views on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.