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Vital Energy (VTLE) Surges 5.0%: Is This an Indication of Further Gains?
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Vital Energy (VTLE - Free Report) shares soared 5% in the last trading session to close at $44.03. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.8% loss over the past four weeks.
Vital Energy expanded its operation in Permian Basin by signing an agreement to acquire the assets of Forge Energy II Delaware, LLC. Since the agreement was signed in partnership with a third party, Vital Energy agreed to acquire 70% of the assets for $378 million and will operate the asset. This accretive acquisition is expected to close in late second-quarter 2023, with an effective date of Mar 1, 2023.
Vital Energy continues to execute its strategy of successfully acquiring and integrating high-value properties in its portfolio and expand its operations. The company increased full-year 2023 production guidance to incorporate better than expected first-quarter 2023 volumes and the impact of the Driftwood acquisition.
This oil and natural gas company is expected to post quarterly earnings of $4.48 per share in its upcoming report, which represents a year-over-year change of -40.3%. Revenues are expected to be $335.35 million, down 40.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Vital Energy, the consensus EPS estimate for the quarter has been revised 9.1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on VTLE going forward to see if this recent jump can turn into more strength down the road.
Vital Energy belongs to the Zacks Alternative Energy - Other industry. Another stock from the same industry, Clearway Energy (CWEN - Free Report) , closed the last trading session 0.7% higher at $29.76. Over the past month, CWEN has returned -1.8%.
For Clearway Energy, the consensus EPS estimate for the upcoming report has changed +13.9% over the past month to $0.76. This represents a change of +119.7% from what the company reported a year ago. Clearway Energy currently has a Zacks Rank of #3 (Hold).
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Vital Energy (VTLE) Surges 5.0%: Is This an Indication of Further Gains?
Vital Energy (VTLE - Free Report) shares soared 5% in the last trading session to close at $44.03. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.8% loss over the past four weeks.
Vital Energy expanded its operation in Permian Basin by signing an agreement to acquire the assets of Forge Energy II Delaware, LLC. Since the agreement was signed in partnership with a third party, Vital Energy agreed to acquire 70% of the assets for $378 million and will operate the asset. This accretive acquisition is expected to close in late second-quarter 2023, with an effective date of Mar 1, 2023.
Vital Energy continues to execute its strategy of successfully acquiring and integrating high-value properties in its portfolio and expand its operations. The company increased full-year 2023 production guidance to incorporate better than expected first-quarter 2023 volumes and the impact of the Driftwood acquisition.
This oil and natural gas company is expected to post quarterly earnings of $4.48 per share in its upcoming report, which represents a year-over-year change of -40.3%. Revenues are expected to be $335.35 million, down 40.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Vital Energy, the consensus EPS estimate for the quarter has been revised 9.1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on VTLE going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Vital Energy belongs to the Zacks Alternative Energy - Other industry. Another stock from the same industry, Clearway Energy (CWEN - Free Report) , closed the last trading session 0.7% higher at $29.76. Over the past month, CWEN has returned -1.8%.
For Clearway Energy, the consensus EPS estimate for the upcoming report has changed +13.9% over the past month to $0.76. This represents a change of +119.7% from what the company reported a year ago. Clearway Energy currently has a Zacks Rank of #3 (Hold).