Vitesse Energy Q2 revenue rises on higher oil prices, production
VTS•Production and margin drivers
- Production growth: The company attributed the 9% sequential production increase to successful integration of Powder River Basin assets.
- Hedging impact: Realized oil prices with hedging were lower than market prices due to an extensive hedging program.
- Derivative gains: A large non-cash unrealized gain on commodity derivatives contributed to net income.
Analyst coverage and valuation
- The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell".
- The average consensus recommendation for the oil and gas exploration and production peer group is "buy".
- Wall Street's median 12-month price target for Vitesse Energy Inc is $22.00, about 41% above its July 31 closing price of $15.60.
- The stock recently traded at 29 times the next 12-month earnings vs. a P/E of 37 three months ago.
Quarterly revenue and profit details
- US oil and gas interest holder's Q2 revenue rose 11% year over year to $91 million.
- Adjusted net income for Q2 was $1.8 million; diluted EPS was $0.77.
- Q2 production rose 9% sequentially after Powder River Basin asset integration.
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