Vitesse Energy (NYSE:VTS) Shares Gap Up Following Better-Than-Expected Earnings

Key Points

• Vitesse Energy shares gapped up on Tuesday, opening at $25.34, a significant increase from the previous close of $23.53, indicating potential investor interest.
• Equities analysts have given mixed ratings on Vitesse Energy, with one sell rating, three hold ratings, and two buy ratings, leading to an average rating of "Hold" and a target price of $26.50.
• The company announced a quarterly dividend of $0.5625, representing an annualized yield of 8.9%, although its dividend payout ratio stands high at 284.81%.

Vitesse Energy, Inc. (NYSE:VTS - Get Free Report) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $23.53, but opened at $25.34. Vitesse Energy shares last traded at $25.12, with a volume of 27,013 shares trading hands.

The company reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.50. The company had revenue of $81.76 million for the quarter, compared to the consensus estimate of $69.78 million. Vitesse Energy had a net margin of 15.12% and a return on equity of 7.25%.

Vitesse Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a $0.5625 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.25 annualized dividend and a yield of 9.1%. Vitesse Energy's dividend payout ratio (DPR) is presently 212.26%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Alliance Global Partners assumed coverage on shares of Vitesse Energy in a research report on Wednesday, May 14th. They issued a "buy" rating and a $26.00 price target on the stock. Wall Street Zen upgraded shares of Vitesse Energy from a "sell" rating to a "hold" rating in a research report on Saturday. Northland Securities downgraded shares of Vitesse Energy from an "outperform" rating to a "market perform" rating and set a $19.00 price objective on the stock. in a research report on Tuesday, May 20th. Finally, Northland Capmk upgraded shares of Vitesse Energy to a "hold" rating in a research report on Tuesday, May 20th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, Vitesse Energy currently has an average rating of "Hold" and a consensus price target of $26.50.

Hedge Funds Weigh In On Vitesse Energy

Several institutional investors have recently bought and sold shares of the stock. Intech Investment Management LLC grew its stake in Vitesse Energy by 27.1% during the second quarter. Intech Investment Management LLC now owns 20,663 shares of the company's stock valued at $456,000 after acquiring an additional 4,412 shares in the last quarter. Creative Planning purchased a new position in Vitesse Energy during the second quarter valued at $350,000. Police & Firemen s Retirement System of New Jersey grew its stake in Vitesse Energy by 24.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 6,333 shares of the company's stock valued at $140,000 after acquiring an additional 1,239 shares in the last quarter. Geode Capital Management LLC grew its stake in Vitesse Energy by 9.5% during the second quarter. Geode Capital Management LLC now owns 695,919 shares of the company's stock valued at $15,376,000 after acquiring an additional 60,229 shares in the last quarter. Finally, Wedbush Securities Inc. purchased a new position in Vitesse Energy during the second quarter valued at $291,000. 51.63% of the stock is owned by hedge funds and other institutional investors.

Vitesse Energy Stock Up 0.7%

The company has a market capitalization of $957.95 million, a PE ratio of 23.41 and a beta of 0.67. The company's 50 day moving average is $23.49 and its two-hundred day moving average is $23.43. The company has a quick ratio of 0.73, a current ratio of 0.95 and a debt-to-equity ratio of 0.16.

Vitesse Energy Company Profile

Vitesse Energy, Inc, together with its subsidiaries, engages in the acquisition, development, and production of non-operated oil and natural gas properties in the United States. It owns and acquires non-operated working interest and royalty interest ownership in the Williston Basin properties located in North Dakota and Montana.