Vital Energy (VTLE) PT Lowered to $45 at Citi

Citi analyst Paul Diamond lowered the price target on Vital Energy (NYSE: VTLE) to $45.00 (from $54.00) while maintaining a Buy rating.

The analyst comments "VTLE reported 2Q2024 earnings with adjusted cash flow of ~$254.7mm which was slightly below consensus and driven by solid production on capital spending below expectations with higher-than-expected operating expenses and a weak pricing environment. We model production and capital spending slightly ahead of the street while seeing some reversion in operating expenses through year-end. We update our model and retain our Buy rating with a reduced target price of $45/share given the balance between increasing volatility across the commodity markets and uncertainty surrounding their strategic pivot away from inorganic growth viewed against their stable operational cadence and the potential for incremental drilling efficiency improvements."

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