Vitesse Energy (NYSE: VTS) has been upgraded from a sell rating to a hold rating by Wall Street Zen, following a series of mixed assessments from various financial analysts. This rating change was announced in a report issued on Saturday, reflecting the ongoing scrutiny of the company’s stock performance.
Recent Analyst Ratings
In addition to Wall Street Zen’s upgrade, Vitesse Energy has recently been the subject of several other reports. On May 20, 2023, Northland Securities lowered its rating from “outperform” to “market perform,” establishing a price target of $19.00. Earlier, on May 14, Alliance Global Partners initiated coverage on Vitesse Energy, assigning a “buy” rating with a more optimistic price target of $26.00.
The rating landscape reveals a cautious yet positive outlook, with four analysts maintaining a hold rating and two assigning a buy rating. According to data from MarketBeat, Vitesse Energy currently holds an average rating of “Hold” and an average target price of $26.50.
Quarterly Earnings Report
Vitesse Energy released its quarterly earnings results on August 4, 2023, reporting earnings per share (EPS) of $0.60, significantly exceeding analysts’ consensus estimates of $0.10 by $0.50. The company achieved a net margin of 15.12% and a return on equity of 7.25%. Revenue for the quarter reached $81.76 million, surpassing the expected $69.78 million.
Financial analysts project that Vitesse Energy will post an EPS of 1.05 for the current year, indicating a potential for growth.
Dividend Announcement and Investor Activity
In a notable development, Vitesse Energy announced a quarterly dividend of $0.5625, which will be distributed on September 30, 2023, to shareholders on record as of September 15. This dividend amounts to an annualized total of $2.25, translating to a yield of 9.1%. The dividend payout ratio currently stands at 212.26%, indicating a high commitment to returning value to shareholders.
Investor interest in Vitesse Energy has been notable, with hedge funds actively buying and selling shares. For instance, SouthState Corp acquired a new position valued at approximately $25,000 in the first quarter. Parallel Advisors LLC increased its holdings by 74.7% in the second quarter, now owning 1,303 shares valued at around $29,000. CWM LLC also expanded its shareholdings by 138.8%, owning 1,827 shares valued at $40,000.
Institutional investors collectively hold 51.63% of Vitesse Energy’s stock, reflecting significant interest in the company’s potential.
About Vitesse Energy
Vitesse Energy, Inc. focuses on the acquisition, development, and production of non-operated oil and natural gas properties within the United States. The company primarily holds interests in the Williston Basin, located in North Dakota and Montana, emphasizing its role in the energy sector.
As the financial landscape for Vitesse Energy continues to evolve, stakeholders are watching closely for further developments and potential impacts on share performance.