Vitesse Energy, Inc. (NYSE:VTS) Raises Dividend to $0.56 Per Share

Vitesse Energy, Inc. (NYSE:VTS) declared a quarterly dividend on Wednesday, March 12th, Wall Street Journal reports. Shareholders of record on Friday, March 21st will be given a dividend of 0.5625 per share on Monday, March 31st. This represents a $2.25 annualized dividend and a yield of 9.12%. The ex-dividend date of this dividend is Friday, March 21st. This is a 7.1% increase from Vitesse Energy’s previous quarterly dividend of $0.53.

Vitesse Energy has a payout ratio of 152.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Vitesse Energy to earn $1.16 per share next year, which means the company may not be able to cover its $2.10 annual dividend with an expected future payout ratio of 181.0%.

Vitesse Energy Trading Up 1.4 %

Shares of VTS traded up $0.33 during trading hours on Wednesday, hitting $24.66. 358,855 shares of the stock were exchanged, compared to its average volume of 188,827. The firm has a market capitalization of $749.54 million, a P/E ratio of 16.89 and a beta of 0.53. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.75 and a quick ratio of 0.75. Vitesse Energy has a fifty-two week low of $21.83 and a fifty-two week high of $28.41. The business has a 50-day moving average of $26.05 and a 200-day moving average of $25.83.

Insider Transactions at Vitesse Energy

In related news, VP Michael Sabol sold 6,714 shares of Vitesse Energy stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $26.70, for a total value of $179,263.80. Following the completion of the transaction, the vice president now directly owns 63,411 shares in the company, valued at approximately $1,693,073.70. The trade was a 9.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mike Morella sold 8,143 shares of the business’s stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $26.69, for a total transaction of $217,336.67. Following the sale, the chief accounting officer now directly owns 81,615 shares in the company, valued at $2,178,304.35. The trade was a 9.07 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 15.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on VTS shares. Northland Securities lifted their price objective on Vitesse Energy from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, January 16th. Alliance Global Partners upgraded shares of Vitesse Energy from a “neutral” rating to a “buy” rating and upped their target price for the stock from $26.00 to $29.00 in a report on Tuesday, December 17th. Finally, Northland Capmk raised shares of Vitesse Energy to a “strong-buy” rating in a research report on Thursday, January 16th.

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.