Vitesse Energy
Buys minority stakes and royalty rights in Bakken oil and gas wells operated by others.
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Profile
Acquires minority working interests and royalty interests in oil and gas wells operated by outside companies across the Bakken-heavy Williston Basin, funding drilling costs in exchange for a share of production without running any rigs directly. A large recurring dividend, funded by oil-driven free cash flow, anchors the investor pitch.
Buys minority working interests and royalty interests in oil and gas wells drilled by outside operators rather than running rigs itself, funding a share of drilling costs in exchange for a share of production.
Acreage concentrates in the Bakken formation across North Dakota and Montana's Williston Basin, plus a smaller Central Rockies position in Colorado and Wyoming added through an all-stock acquisition of a Canadian producer.
The model partners with more than 30 experienced operators, spreading well-selection and drilling-pace decisions across the portfolio. Public since a 2023 spin-off from Jefferies Financial Group, with roots as a founder-funded capital pool from 2010, a large recurring cash dividend anchors the investor story.
Oil drives most of production revenue, tying results closely to crude prices, and operations sit under federal oil-and-gas rules alongside North Dakota, Montana, and Colorado regulation.
Company facts
Key statistics
Year to date −13.8% · Average volume (30d) 458.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 4, 2026 | Industrial Alliance Securities | Target | $29 | $22.50 | ||
| Jul 23, 2026 | Northland Securities | Target | $20 | $18.50 | ||
| May 6, 2026 | Northland Securities | Target | $20 | |||
| Dec 18, 2024 | Alliance Global Partners | Upgrade | Neutral | Buy | ||
| Dec 17, 2024 | Alliance Global Partners | Upgrade | Neutral | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | $0.06 | $0.05 | −11.6% | $77.3M | $91.0M | +17.7% | +0.97% |
| May 4, 2026Q1 FY26 | $0.01 | $0.00 | −135.3% | $66.7M | $67.4M | +1.1% | −1.10% |
| Mar 2, 2026Q4 FY25 | $0.10 | −$0.02 | −120.0% | $67.7M | $58.6M | −13.4% | −4.91% |
| Nov 3, 2025Q3 FY25 | $0.10 | −$0.03 | −130.0% | $67.1M | $67.4M | +0.5% | −2.93% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $66.2M | $81.8M | $67.4M | $58.6M | $67.4M | $91.0M | |
| Gross profit | $20.0M | $21.4M | $8.5M | $1.8M | $15.2M | $64.6M | |
| Operating income | $5.4M | $18.7M | $108.0K | −$7.0M | $5.9M | $20.9M | |
| Net income | $2.7M | $24.7M | −$1.3M | −$739.0K | −$42.3M | $33.1M | |
| Diluted EPS | $0.08 | $0.60 | −$0.03 | −$0.02 | −$1.05 | $0.77 | |
| Gross margin | 30.2% | 26.1% | 12.7% | 3.1% | 22.6% | 71.0% | |
| Operating margin | 8.1% | 22.8% | 0.2% | -12.0% | 8.8% | 22.9% |
Fiscal years (4-quarter sums)FY21 $185.2M · FY22 $262.9M · FY23 $233.9M · FY24 $242.0M · FY25 $274.0M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $884.0K · Total debt $165.1M · Total assets $923.6M · Shareholders' equity $623.9M
Dividends
Raised for 2 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $0.4375 | cut from $0.5625 |
| Mar 16, 2026 | Mar 16 | Mar 31 | $0.4375 | special dividend |
| Dec 15, 2025 | Dec 15 | Dec 31 | $0.5625 | |
| Sep 15, 2025 | Sep 15 | Sep 30 | $0.5625 | |
| Jun 16, 2025 | Jun 16 | Jun 30 | $0.5625 | |
| Mar 21, 2025 | Mar 21 | Mar 31 | $0.5625 | raised from $0.525 |
| Dec 16, 2024 | Dec 16 | Dec 31 | $0.525 | |
| Sep 16, 2024 | Sep 16 | Sep 30 | $0.525 |
Ownership
Shares outstanding 42.10M · Float 31.32M · 74.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| First Reserve GP Xiii Ltd | 2.91M | 6.91% | 13F | Aug 14, 2026 |
| FR XIII Charlie AIV, L.P. | 2.91M | 7.60% | 13D | Mar 14, 2025 |
| BlackRock, Inc. | 2.60M | 6.17% | 13F | Aug 7, 2026 |
| Kimmeridge Energy Management Company, LLC | 1.94M | 4.60% | 13F | Aug 14, 2026 |
| Mirae Asset Global Etfs Holdings Ltd. | 1.81M | 4.31% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 15, 2026 | Joseph S. Steinberg | director | +40,882 | $16.16 |
| May 28, 2026 | Joseph S. Steinberg | director | +59,118 | $17.00 |
| Mar 30, 2026 | James P. Henderson | officer: Chief Financial Officer | +5,000 | $18.71 |
| Mar 31, 2026 | James P. Henderson | officer: Chief Financial Officer | +5,000 | $18.67 |
| Mar 31, 2026 | Brian Cree | officer: President & Interim CEO | −50,000 | $18.51 |
Peers
- Northern Oil and Gas
Publicly listed non-op peer originating in the Williston Basin.
- Chord Energy
Williston Basin's largest operator and pure-play Bakken dividend alternative.
- Kimbell Royalty Partners
Multi-basin mineral & royalty LP with direct Bakken royalty overlap.
- Devon Energy
Multi-basin operator whose 2024 Grayson Mill deal tripled Williston footprint.
- Granite Ridge Resources
Six-basin non-op investor with Permian-heavy reserves and modest Bakken.
- Viper Energy
Permian-heavy royalty aggregator, largest US mineral/royalty vehicle post-Sitio.
- Black Stone Minerals
Multi-basin mineral & royalty LP across 41 states, Haynesville/Permian-led.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Vitesse Energy | $17.19 | +0.12% | $723.8M | — | 149.3 | 2.5 | +11.3% |
| Northern Oil and Gas | $25.86 | +0.51% | $2.80B | — | 6.5 | 1.3 | +28.9% |
| Chord Energy | $144.05 | −1.33% | $8.22B | 9.8 | 9.9 | 1.3 | +84.0% |
| Kimbell Royalty Partners | $15.46 | +3.85% | $1.47B | 22.8 | 14.7 | 4.0 | +30.0% |
| Devon Energy | $47.48 | +0.26% | $52.09B | 11.2 | 9.5 | 2.6 | +83.2% |
| Granite Ridge Resources | $5.06 | −0.20% | $667.4M | — | 8.7 | 1.3 | +36.7% |
| Viper Energy | $44.18 | 0.00% | $15.91B | 339.8 | 18.6 | 8.1 | +135.9% |
| Black Stone Minerals | $14.75 | 0.00% | $3.13B | 12.2 | 14.1 | 6.5 | +39.6% |
| Median | 12.2 | 9.9 | 2.6 | +39.6% |