Harbor Capital Advisors Reduces Vitesse Energy Stake by 64.2%

Harbor Capital Advisors Inc. has significantly decreased its investment in Vitesse Energy, Inc. (NYSE: VTS), selling 248,170 shares during the third quarter of 2023. According to the firm’s recent 13F filing with the U.S. Securities and Exchange Commission (SEC), Harbor now holds 138,645 shares, representing a reduction of 64.2% in its stake. At the close of the reporting period, these shares were valued at approximately $3.2 million, or about 0.36% of Vitesse Energy’s outstanding stock.

Numerous other institutional investors have also adjusted their positions in Vitesse Energy recently. Notably, Sprinkle Financial Consultants LLC initiated a new investment in the company during the second quarter, valued at $281,000. Similarly, Northwestern Mutual Wealth Management Co. acquired a stake worth approximately $98,000 in the first quarter.

American Century Companies Inc. increased its holdings by 20.0% during the second quarter, now owning 845,848 shares valued at roughly $18.7 million. Other notable movements included Wedbush Securities Inc., which established a new position valued at about $291,000, and First Wilshire Securities Management Inc., which boosted its stake by an impressive 539.7%, acquiring an additional 188,774 shares to total 223,754 shares worth approximately $4.9 million. Currently, institutional investors collectively own 51.63% of Vitesse Energy.

Analyst Ratings and Stock Performance

Recent activity among analysts has seen varied ratings for Vitesse Energy’s stock. On October 6, 2023, Zacks Research downgraded VTS from a “strong-buy” to a “hold” rating. The same day, Evercore ISI reduced its price target from $22.00 to $20.00, maintaining an “in-line” rating for the company. Meanwhile, Wall Street Zen upgraded Vitesse from a “sell” to a “hold” rating on November 28. According to data from MarketBeat, the current consensus rating for Vitesse Energy is “Hold,” with a price target of $24.50.

As for stock performance, shares of Vitesse Energy opened at $19.24 on Thursday. The company’s 50-day moving average stands at $21.16, while the 200-day moving average is recorded at $23.11. With a market capitalization of $744.01 million and a price-to-earnings (P/E) ratio of 38.48, Vitesse has a beta of 0.61. The stock has fluctuated between a 52-week low of $18.86 and a high of $27.49.

Financial Results and Dividend Announcement

Vitesse Energy recently reported its earnings for the third quarter of 2023 on November 3. The company posted a loss of ($0.03) earnings per share, falling short of analysts’ expectations, which had forecasted earnings of $0.10 per share. The firm’s quarterly revenue reached $67.44 million, surpassing projections of $65.70 million. Vitesse Energy recorded a return on equity of 5.71% and a net margin of 7.70%. Analysts predict that the company will report earnings of $1.05 per share for the current financial year.

In addition to its earnings report, Vitesse Energy announced a quarterly dividend of $0.5625 per share, scheduled for distribution on December 31, 2023. Shareholders on record by December 15 will be eligible to receive this payment, translating to an annualized dividend of $2.25 and a yield of 11.7%. The ex-dividend date is also set for December 15. The company’s dividend payout ratio currently stands at an unusually high 450.00%.

Vitesse Energy, based in Calgary, Alberta, operates primarily as an independent exploration and production company focusing on onshore oil and gas assets in the United States. The firm targets low-decline, shallow to intermediate depth vertical wells, aiming for predictable production profiles and stable cash flows. Its operations are concentrated in the Arkoma Basin of eastern Oklahoma and the Ark-La-Tex region, where it holds significant acreage positions across various formations.