$STR reports strong quarterly results and NRAs acquisition
Mar 8th 2023, 9:14 pm
Analyst Summary: Sitio Royalties Corp. announced their financial and operational results for the quarter ended December 31, 2022. The company reported an implied annualized dividend yield of 9.24% per share of Class A Common Stock, representing $0.60 per share. In addition, they closed on the merger with Brigham Minerals, Inc., adding over 86,000 NRAs to their platform. As of December 31, 2022, Sitio owns 260,000 NRAs, covering roughly a third of the Midland and Delaware Basins. The company is evaluating additional mineral and royalty acquisitions, while remaining focused on their underwriting discipline given current market conditions. The CEO stated, "We responded then the same way we are responding now - by applying our free cash flow to debt repayment and our time to further enhancing our data management capabilities." The company also provided their guidance for full year 2023, which includes a dividend of $0.60 per share of Class A Common Stock with respect to the fourth quarter of 2022. Forward-looking statements were made regarding Sitio's strategy of identifying and executing on opportunities for large scale, high-quality mineral and royalty consolidation. However, factors or events could cause actual results to differ, and the company will update any forward-looking statements as necessary.