Vitesse Energy (NYSE: VTS) has seen its stock upgraded from a sell rating to a hold rating, according to a report by Wall Street Zen released on Saturday. This change comes amid a flurry of analyst activity surrounding the company, reflecting a growing interest in its recent performance.
Analysts from various firms have provided differing opinions on Vitesse Energy. On May 20, Northland Securities adjusted its rating from “outperform” to “market perform” while establishing a price target of $19.00. Earlier, on May 14, Alliance Global Partners initiated coverage with a “buy” rating and set a target price of $26.00. Northland Capital Markets subsequently raised its rating to “hold” on the same day as Northland Securities’ downgrade. Currently, four investment analysts have assigned a hold rating to Vitesse Energy, while two have issued a buy rating. According to data from MarketBeat, the stock holds an average rating of “Hold” and an average target price of $26.50.
Strong Quarterly Earnings and Dividend Announcement
Vitesse Energy recently disclosed its quarterly earnings on August 4, 2023. The company reported earnings per share (EPS) of $0.60, significantly surpassing analysts’ estimates of $0.10 by $0.50. The firm achieved a net margin of 15.12% and a return on equity of 7.25%. For the quarter, Vitesse Energy generated revenue of $81.76 million, exceeding the anticipated $69.78 million.
In addition to its strong earnings report, Vitesse Energy announced a quarterly dividend of $0.5625, which will be paid on September 30, 2023. Shareholders of record on September 15 will receive this dividend, leading to an annualized dividend of $2.25 and a yield of 9.1%. The firm’s dividend payout ratio currently stands at 212.26%.
Institutional Interest in Vitesse Energy
Recent trading activity indicates that institutional investors are increasingly interested in Vitesse Energy. SouthState Corp established a new position valued at approximately $25,000 in the first quarter. Parallel Advisors LLC expanded its holdings by 74.7% in the second quarter, acquiring an additional 557 shares, bringing its total to 1,303 shares, now valued at $29,000.
CWM LLC also increased its stake by 138.8% during the same period, obtaining an additional 1,062 shares for a total of 1,827 shares valued at $40,000. Strs Ohio and Signaturefd LLC also made significant investments, with Signaturefd LLC’s holdings increasing by 415.7% to a total of 2,393 shares valued at $53,000. Overall, institutional investors own approximately 51.63% of Vitesse Energy’s stock.
Vitesse Energy, headquartered in the United States, focuses on acquiring, developing, and producing non-operated oil and natural gas properties, particularly in the Williston Basin across North Dakota and Montana. As the company continues to perform well financially, its stock remains a topic of interest among analysts and investors alike.
