Fintel reports that on August 14, 2023, Keybanc maintained coverage of Sitio Royalties Corp - (NYSE:STR) with a Overweight recommendation.
Analyst Price Forecast Suggests 37.60% Upside
As of August 2, 2023, the average one-year price target for Sitio Royalties Corp - is 34.51. The forecasts range from a low of 31.31 to a high of $38.85. The average price target represents an increase of 37.60% from its latest reported closing price of 25.08.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Sitio Royalties Corp - is 541MM, an increase of 7.63%. The projected annual non-GAAP EPS is 2.51.
What is the Fund Sentiment?
There are 417 funds or institutions reporting positions in Sitio Royalties Corp -. This is a decrease of 5 owner(s) or 1.18% in the last quarter. Average portfolio weight of all funds dedicated to STR is 0.40%, a decrease of 4.02%. Total shares owned by institutions increased in the last three months by 5.08% to 126,724K shares. 
The put/call ratio of STR is 0.23, indicating a bullish outlook.
What are Other Shareholders Doing?
Kimmeridge Energy Management Company holds 36,496K shares representing 44.69% ownership of the company. No change in the last quarter.
Oaktree Capital Management holds 12,935K shares representing 15.84% ownership of the company. No change in the last quarter.
Wellington Management Group Llp holds 4,813K shares representing 5.89% ownership of the company. In it's prior filing, the firm reported owning 5,722K shares, representing a decrease of 18.88%. The firm decreased its portfolio allocation in STR by 86.83% over the last quarter.
Adage Capital Partners Gp, L.l.c. holds 3,800K shares representing 4.65% ownership of the company. In it's prior filing, the firm reported owning 4,399K shares, representing a decrease of 15.75%. The firm decreased its portfolio allocation in STR by 2.72% over the last quarter.
FCPVX - Fidelity Small Cap Value Fund holds 3,546K shares representing 4.34% ownership of the company. No change in the last quarter.
Sitio Royalties Background Information
(This description is provided by the company.)
Falcon Minerals Corporation is a C-Corporation formed to own and acquire high growth oil-weighted mineral rights. Falcon Minerals owns mineral, royalty, and over-riding royalty interests covering approximately 256,000 gross unit acres in the Eagle Ford Shale and Austin Chalk in Karnes, DeWitt, and Gonzales Counties in Texas. The Company also owns approximately 80,000 gross unit acres in the Marcellus Shale across Pennsylvania, Ohio, and West Virginia.
Additional reading:
- Sitio Royalties REPORTS second QUARTER 2023 OPERATIONAL AND FINANCIAL RESULTS closed multiple accretive acquisitions since march 31, 2023 adding 13,705 NRAs in the permian basin record high AVERAGE quarterly PRODUCTION VOLUME OF 34,681 BOE/D (50% oil
- Second Amendment to Note Purchase Agreement, dated as of June 13, 2023, by and among Sitio Royalties Operating Partnership, LP, as issuer, the subsidiary guarantors party thereto, the financial institutions from time to time party thereto as holders, and U.S. Bank Trust Company, National Association, as agent for the holders.
- Second Amendment to Second Amended and Restated Agreement of Limited Partnership of Sitio Royalties Operating Partnership, LP, dated as of June 14, 2023.
- Registration Rights Agreement, dated as of June 14, 2023, by and among Sitio Royalties Corp., Sierra Energy Royalties, LLC and Source Energy Permian II, LLC.
- Disclaimer FORWARD-LOOKING STATEMENTS This presentation relates to Sitio Royalties Corp. (the “Company” or “Sitio”) and contains statements that may constitute “forward-looking statements” for purposes of federal securities laws. Forward-looking stat
This story originally appeared on Fintel.
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