Vitesse Energy upgraded to Buy from Neutral at Alliance Global Partners

Alliance Global Partners analyst Jeff Grampp upgraded Vitesse Energy (VTS) to Buy from Neutral with a price target of $29, up from $26, after the company announced that it is acquiring Lucero Energy, a Canadian-listed, Williston Basin pure-play operator, in an all-stock transaction. “On paper, this looks like an excellent deal,” though the addition of an operated footprint is a new wrinkle for a company that has been exclusively non-operated, the analyst tells investors. The firm adds that Vitesse management has operating experience and Lucero’s footprint “seems quite manageable,” stating that it views the accretion as “very strong.”