Vitesse initiated with an Outperform at Evercore ISI

Evercore ISI analyst Stephen Richardson initiated coverage of Vitesse Energy (VTS) with an Outperform rating and $22 price target. Vitesse, an organically built, non-operated E&P in the Bakken in business since 2014, was sponsored by Jefferies (JEF) and subsequently spun to investors in a tax free transaction in January, the firm noted. Vitesse offers a play on a relatively unique asset type with almost zero net debt and a 10.8% base dividend yield for its announced first year payout, the analyst tells investors.