Vitesse Energy downgraded to Market Perform from Outperform at Northland

Northland downgraded Vitesse Energy (VTS) to Market Perform from Outperform with a price target of $19, down from $27, as a new analyst took over coverage of the stock. The rating and price target cut is due to lower oil prices and a lower production outlook as Vitesse is cutting capital expenditures to prioritize the dividend, the analyst tells investors. While the firm likes the return of capital focus and roughly 10% dividend yield, it estimates Vitesse needs an oil price around $80 per barrel to fully fund the dividend, the analyst added.