Sitio Royalties price target lowered to $27 from $29 at KeyBanc

KeyBanc analyst Tim Rezvan lowered the firm’s price target on Sitio Royalties to $27 from $29 and keeps an Overweight rating on the shares. The price target decrease reflects lower earnings and less upside from a lower dividend yield, KeyBanc says. The firm has mixed views on Sitio’s cash return update, but believes defending the equity matters, provided it is a tactical move with Sitio shares in the low/mid-$20s, the analyst tells investors in a research note.