Jefferies initiated coverage of Vitesse with a Buy rating and $23 price target. The non-operated E&P operates like it is private, "scrutinizing every cost," with a commitment to returning the majority of its free cash flow to shareholders through a dividend and also has about a 35 year inventory life with low financial leverage, the analyst tells investors. Vitesse is positioned to return cash in normal to high-priced periods and its management track record and strategy clarity are positives, the analyst added.
Published first on TheFly
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