Sitio Royalties started with Underweight rating at Barclays as distribution yield lags

seekingalpha04-11

Sitio Royalties (NYSE:STR) -3.8% in Wednesday's trading as Barclays initiates coverage with an Underweight rating and $26 price target, saying the distribution yield is not sufficiently attractive ...

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While E&Ps have shown capital discipline and boosted their cash return in recent years, Sitio's (STR) cash return yield does not stand out among peers, according to Barclays analysts led by Betty Jiang, whose more conservative production forecast estimates a cash return yield of 7.2% in both 2024 and 2025 under strip prices, largely in-line with the respective average for diversified and oil-weighted E&Ps of 6.9% and 7.4% despite greater uncertainty over production and cash flow outcome. The above average leverage also may limit Sitio's (STR) capacity to make cash-heavy deals until debt is brought down to more manageable level, Jiang says. Sitio (STR) has committed to return at least 65% of discretionary cash flow to shareholders, below Viper Energy's (VNOM) 75% payout ratio, due in part to a higher leverage ratio estimated at 1.6x at year-end 2024, above Viper's and the E&P average of 0.7x, due to recent deals that are cash funded, the Barclays analysts say.  More on Sitio Royalties  Sitio Royalties Q4 2023 Earnings Call Transcript Upgrading Sitio Royalties To A Buy Following A 20% Decline In Share Price Sitio Royalties: Increased Payout Ratio Gets Closer After Recent Divestiture","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2426448877"}