Vitesse Energy upgraded to Outperform from Market Perform at Northland

Northland upgraded Vitesse Energy to Outperform from Market Perform with a price target of $28, up from $24. Vitesse has largely derisked 2024 and is “positioned for solid performance beyond 2024,” but the stock is currently trading at an 8.5% dividend yield, the analyst tells investors. This “might seem insufficient to some” when treasury yields are near 5%, but “such a view ignores the multiple sources of upside that come with owning a commodity-exposed company controlled by an experienced management team,” the analyst argues.