Alliance Global Partners analyst Jeff Grampp upgraded Vitesse Energy (VTS) to Buy from Neutral with a price target of $29, up from $26, after the company announced that it is acquiring Lucero Energy, a Canadian-listed, Williston Basin pure-play operator, in an all-stock transaction. “On paper, this looks like an excellent deal,” though the addition of an operated footprint is a new wrinkle for a company that has been exclusively non-operated, the analyst tells investors. The firm adds that Vitesse management has operating experience and Lucero’s footprint “seems quite manageable,” stating that it views the accretion as “very strong.”
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on VTS:
- Vitesse Energy Expands with Lucero Acquisition and Credit Update
- Vitesse Energy to acquire Lucero Energy for $222M
- Vitesse Energy downgraded to Neutral from Buy at Alliance Global Partners
- Vitesse Energy Reports Strong Q3 Results and Revised Guidance
- Vitesse Energy Reports Strong Q3 2024 Financial Results