What's Going On With Viper Energy Stock?

Viper Energy Inc VNOM shares are trading lower Tuesday after the company announced a secondary offering.

What Happened: Viper priced an underwritten public offering of 9,018,760 shares by certain selling stockholders for gross proceeds of approximately $264 million. Viper Energy will not receive any of the proceeds from the offering. 

Viper Energy also agreed to purchase 1 million shares from the underwriter being sold as part of the secondary offering. 

Viper Energy owns and acquires mineral and royalty interests in oil and natural gas properties primarily in the Permian Basin.

See Also: US Inflation Eases More Than Expected In October, Cements Expectations For End Of Interest Rate Hikes

VNOM Price Action: Viper Energy shares were down 4.54% at $29.86 at the time of publication, according to Benzinga Pro.

Photo: 3844328 from Pixabay.