Viper Energy (VNOM) Up 5% Since Last Earnings Report: Can It Continue?

It has been about a month since the last earnings report for Viper Energy Partners (VNOM). Shares have added about 5% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Viper Energy due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Viper Energy's Q4 Earnings & Revenues Beat Estimates

Viper Energyreported fourth-quarter 2025 adjusted earnings per share (EPS) of 31 cents, which beat the Zacks Consensus Estimate of 27 cents. The bottom line, however, declined from the year-ago level of 42 cents.

The company, with mineral and royalty interests in North America’s oil and gas resources, generated operating income of $435 million, beating the Zacks Consensus Estimate of $426.5 million. The metric increased from the year-ago quarter’s $228.7 million.

The better-than-expected quarterly results can be primarily attributed to a significant increase in oil-equivalent production. However, lower realized oil prices, higher total expenses and a non-cash impairment of $408 million incurred due to properties acquired from Diamondback Energy at its historical carrying value partially offset the positives.

Production

The resources, wherein the company has mineral interests, produced 12,328 thousand oil-equivalent barrels (MBoe), up from 5,162 MBoe a year ago. The reported figure beat our estimate of 11,477 Mboe.

Oil contributed to 49.6% of the total production volume. Oil production increased to 6,110 thousand barrels (MBbls) from 2,747 MBbls a year ago. The reported figure surpassed our estimate of 6,040 MBbls.

Natural gas production increased to 19,668 million cubic feet (MMcf) in the fourth quarter of 2025 compared with 7,236 MMcf in the corresponding period of 2024. The production of crude oil, natural gas and natural gas liquids witnessed a significant increase from the prior-year levels.

Realized Prices

The overall average realized price per barrel of oil equivalent was $34.23 compared with $43.56 in the fourth quarter of 2024. Our estimate for the same was pinned at $37.67 per barrel.

The average realized oil price in the quarter under review was $58.43 per barrel, down from $69.91 in the year-ago quarter. However, the figure surpassed our estimate of $58.17.

The price of natural gas was 81 cents per thousand cubic feet, down from 84 cents in the year-ago quarter. Our estimate for the same was pinned at $2.13.

The price for natural gas liquids was $16.67 a barrel, lower than $22.15 a year ago. Our estimate for the same was pinned at $16.87 per barrel.

Costs & Expenses

In the fourth quarter, total expenses were $689 million, significantly higher than $85 million in the prior-year quarter. The figure also surpassed our estimate of $282.8 million.

On a per-barrel-of-oil-equivalent basis, total operating expenses were $3.16 compared with $3.85 in the year-ago quarter. Our estimate for the same was pegged at $4.01.

Cash Flow

Net cash provided by operating activities was $399 million, up from $158 million in the fourth quarter of 2024.

Balance Sheet

As of Dec. 31, 2025, Viper Energy’s cash and cash equivalents were $13 million. The company reported net long-term debt of $2,186 million.

Guidance

For the first quarter of 2026, the company projects net production of 124-128 Mboe/d. For 2026, the metric is projected to be 120-132 Mboe/d.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a flat trend in estimates review.

The consensus estimate has shifted 8.49% due to these changes.

VGM Scores

At this time, Viper Energy has a average Growth Score of C, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of F on the value side, putting it in the fifth quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Viper Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Viper Energy belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, Comstock Resources (CRK), has gained 16.6% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

Comstock reported revenues of $789.81 million in the last reported quarter, representing a year-over-year change of +115.5%. EPS of $0.16 for the same period compares with $0.16 a year ago.

For the current quarter, Comstock is expected to post earnings of $0.16 per share, indicating a change of -11.1% from the year-ago quarter. The Zacks Consensus Estimate has changed -1.2% over the last 30 days.

Comstock has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.

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Viper Energy Inc. (VNOM): Free Stock Analysis Report

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This article originally published on Zacks Investment Research (zacks.com).

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