Civitas Resources Inc [CIVI] moved up 0.38: Why It’s Important

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Civitas Resources Inc [NYSE: CIVI] surged by $0.29 during the normal trading session on while it closed the day at $75.62. The company report on February 27, 2024 at 4:18 PM that Civitas Resources, Inc. Announces Share Repurchase From NGP.

Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”), today announced the execution of a definitive agreement to repurchase approximately 876 thousand shares of its common stock at a price of $64.54 per share from NGP Tap Rock Holdings, LLC and certain of its affiliates (“NGP”). The transaction was approved by the Company’s Board of Directors, and the repurchase is expected to close in early March 2024. Following the transaction, NGP will no longer own any shares of Civitas. NGP’s original ownership in Civitas was established through Civitas’ mid-2023 acquisition of Tap Rock Resources, LLC.

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Civitas CEO Chris Doyle said, “Returning significant cash to shareholders is one of our strategic pillars as a Company. Over the past two years, we have returned over $1.5 billion to our owners, representing approximately a quarter of our current market cap, through share repurchases and dividends. Our current share price represents a compelling valuation, and this transaction efficiently facilitates NGP’s exit from the stock. Utilizing our generated free cash flow, we will continue to be opportunistic in buying back our shares going forward, while also enhancing our balance sheet and paying a peer-leading dividend.”.

Civitas Resources Inc stock has also gained 2.51% of its value over the past 7 days. However, CIVI stock has inclined by 12.57% in the 3 months of the year. Over the past six months meanwhile, it has gained 0.57% and gained 12.08% year-on date.

The market cap for CIVI stock reached $7.64 billion, with 93.77 million shares outstanding and 79.17 million shares in the current float. Compared to the average trading volume of 1.33M shares, CIVI reached a trading volume of 3337226 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Civitas Resources Inc [CIVI]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CIVI shares is $93.42 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CIVI stock is a recommendation set at 1.08. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Piper Sandler have made an estimate for Civitas Resources Inc shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on February 07, 2024. While these analysts kept the previous recommendation, Pickering Energy Partners raised their target price to Outperform. The new note on the price target was released on January 05, 2024, representing the official price target for Civitas Resources Inc stock. Previously, the target price had yet another drop from $96 to $86, while Mizuho kept a Buy rating on CIVI stock.

The Average True Range (ATR) for Civitas Resources Inc is set at 1.62, with the Price to Sales ratio for CIVI stock in the period of the last 12 months amounting to 2.20. The Price to Book ratio for the last quarter was 1.15, with the Price to Cash per share for the same quarter was set at 11.15. Price to Free Cash Flow for CIVI in the course of the last twelve months was 10.47 with Quick ratio for the last quarter at 1.15.

CIVI stock trade performance evaluation

Civitas Resources Inc [CIVI] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.51. With this latest performance, CIVI shares gained by 12.36% in over the last four-week period, additionally plugging by 0.57% over the last 6 months – not to mention a rise of 18.40% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CIVI stock in for the last two-week period is set at 71.34, with the RSI for the last a single of trading hit 70.27, and the three-weeks RSI is set at 66.08 for Civitas Resources Inc [CIVI]. The present Moving Average for the last 50 days of trading for this stock 67.76, while it was recorded at 75.53 for the last single week of trading, and 71.78 for the last 200 days.

Civitas Resources Inc [CIVI]: An insightful look at the core fundamentals

Civitas Resources Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.15 and a Current Ratio set at 1.15.

Earnings per share (EPS) analysis for Civitas Resources Inc [CIVI] stock

With the latest financial reports released by the company, Civitas Resources Inc posted 2.13/share EPS, while the average EPS was predicted by analysts to be reported at 2.02/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 5.40%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CIVI. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Civitas Resources Inc go to 15.00%.

Civitas Resources Inc [CIVI]: Institutional Ownership

The top three institutional holders of CIVI stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in CIVI stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in CIVI stock with ownership which is approximately 5.8386%.

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