Vital Energy price target raised to $57 from $51 at Wells Fargo

Wells Fargo analyst Hanwen Chang raised the firm’s price target on Vital Energy to $57 from $51 and keeps an Equal Weight rating on the shares ahead of quarterly results. The 20-well Western Glasscock package came online as planned in late Q1, though production contribution did not start until Q2 for some wells. Higher-than-expected increase in per unit LOE a negative, offset by lower-than-expected Q1 capex, the firm says. Wells would look for management commentary around M&A outlook, cost deflation trend, and D&C activity cadence. Vital’s 2024 plan calls for an activity heavy Q2 and a production peak in Q3.