Crude oil (WTI) is down 2.33% to $41.92 per barrel and Brent crude is falling 3.05% to $43.50 per barrel this afternoon.
The two-month low for oil prices is a result of U.S. crude and gasoline inventories being higher than expected during the peak summer driving season, Reuters reports.
Additionally, Viper Energy Partners announced on Tuesday that it priced its underwritten public offering of 7 million common units at $16 per unit. The company expects the total gross proceeds of the offering to be approximately $112 million.
On Monday Viper Energy Partners announced fiscal 2016 second quarter results, reporting a total operating income of $17 million and a net loss of $14 million. The company expects 2016 total net production of between 6.0 and 6.5 mboe/d.
Viper Energy Partners is a Midland, TX-based company that owns, acquires, exploits, and develops oil and natural gas properties in North America.
So far today, 1.86 million share have traded hands, compared to the average of 22,004 shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate VIPER ENERGY PARTNERS LP as a Hold with a ratings score of C. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share.
You can view the full analysis from the report here: VNOM