Viper Energy Partners LP (VNOM) saw its stock price surge 5.08% in pre-market trading on Wednesday, following the release of its better-than-expected first-quarter earnings report. The oil and gas exploration company reported adjusted earnings of 54 cents per share for the quarter ended March 31, surpassing the mean analyst expectation of 43 cents per share and showing improvement from the 52 cents per share reported in the same quarter last year.

The company's financial performance was impressive across the board. Revenue rose 19.3% to $245.00 million, exceeding analysts' projections of $238.77 million. Viper Energy also reported a quarterly net income of $75 million, with a reported EPS of 62 cents. These strong results came despite the company's shares having fallen by 8.3% this quarter and 15.6% year-to-date prior to the earnings announcement.

Wall Street maintains a bullish outlook on Viper Energy, with the current average analyst rating on the shares being "buy". The company has received 16 "strong buy" or "buy" recommendations, with no "hold", "sell", or "strong sell" ratings. The median 12-month price target for Viper Energy Inc stands at $53.00, indicating potential for further growth. This positive sentiment, coupled with the company's strong quarterly performance, appears to be driving the stock's significant price increase.