Citi analyst Paul Diamond initiated coverage of Vital Energy with a Buy rating and $60 price target. The analyst has a favorable view of the company’s ongoing strategy to gain scale via roll-up acquisitions while spending stays within cash flows. The firm expects Vital’s drilling results to continue improving in coming quarters, which it says will provide capital savings amid minimal organic production growth in the near-term. Citi sees Vital Energy’s growth coming predominantly via additional acquisitions.
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