In the latest trading session, Civitas Resources (CIVI) closed at $75.24, marking a +1.92% move from the previous day. The stock's change was more than the S&P 500's daily gain of 0.89%. On the other hand, the Dow registered a gain of 1.03%, and the technology-centric Nasdaq increased by 1.25%.Shares of the oil and gas company witnessed a gain of 19.45% over the previous month, beating the performance of the Oils-Energy sector with its gain of 5.25% and the S&P 500's gain of 3.56%.Analysts and investors ali ...

In the latest trading session, Civitas Resources (CIVI) closed at $70.29, marking a -1.53% move from the previous day. This change lagged the S&P 500's 0.29% loss on the day. Meanwhile, the Dow lost 0.35%, and the Nasdaq, a tech-heavy index, lost 0.3%.The oil and gas company's shares have seen an increase of 15.37% over the last month, surpassing the Oils-Energy sector's gain of 6.58% and the S&P 500's gain of 4.42%.The upcoming earnings release of Civitas Resources will be of great interest to investors. T ...

Civitas Resources (CIVI) closed the most recent trading day at $71.38, moving +1.58% from the previous trading session. The stock exceeded the S&P 500, which registered a loss of 0.19% for the day. Elsewhere, the Dow saw an upswing of 0.1%, while the tech-heavy Nasdaq depreciated by 0.54%.Heading into today, shares of the oil and gas company had gained 12.94% over the past month, outpacing the Oils-Energy sector's gain of 3.8% and the S&P 500's gain of 3.18% in that time.Market participants will be closely ...

Civitas Resources (CIVI) ended the recent trading session at $68.64, demonstrating a +0.5% swing from the preceding day's closing price. The stock fell short of the S&P 500, which registered a gain of 1.03% for the day. On the other hand, the Dow registered a gain of 0.34%, and the technology-centric Nasdaq increased by 1.51%.The oil and gas company's shares have seen an increase of 10.91% over the last month, surpassing the Oils-Energy sector's gain of 4.1% and the S&P 500's gain of 3.21%.The upcoming earn ...

Civitas Resources (CIVI) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Shares of this oil and gas company have returned +10.9% over the past month versus the Zacks S&P 500 composite's +3.2% change. The Zacks Oil and Gas - Exploration and Production - United States industry, to which Civitas belongs, has gained 8.3% over this period. Now the key question is: Where could the sto ...

Financial Data and Key Metrics Changes - Year-end 2023 proved reserves totaled nearly 700 million barrels of oil equivalent, up about 70% from last year, driven largely by the Tap Rock and Hibernia acquisitions [14] - Full year results for 2023 were in line with guidance, with nearly $1 billion returned to shareholders, consisting of two-thirds in dividends and one-third in share buybacks [26] - The company reduced its capital expenditures by $150 million for 2024 while maintaining expected full year production [12][29] Business Line Data and Key Metrics Changes - Fourth quarter production was 279,000 barrels of oil equivalent per day, with DJ basin volumes outperforming expectations, particularly in the Watkins area [44] - Approximately 70% of the 2024 activity will be focused in the Watkins area, with significant capital allocation planned for this high-return area [5][17] - The company anticipates modest production volume increases throughout 2024, with a strong exit rate from December 2023 [44][49] Market Data and Key Metrics Changes - The company expects free cash flow of approximately $1.3 billion in 2024, with dividends estimated at around $600 million, equating to a nearly 10% yield based on current stock price [46] - The remaining 40% of anticipated capital expenditures will be allocated to the DJ, with a focus on the Watkins area [45] Company Strategy and Development Direction - The 2024 plan focuses on maximizing free cash flow through disciplined investments, maintaining industry-leading shareholder returns, and improving the balance sheet [15] - The company is committed to a strong balance sheet with a long-term leverage target of 0.75x, while also pursuing a divestment program to enhance financial flexibility [30][39] - The integration of new Permian assets is expected to drive operational efficiencies and enhance returns, with a focus on continuous improvement [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term shareholder value, highlighting the transformation into a stronger company with diversified operations [12][31] - The management team noted that the operational improvements seen in the DJ basin are expected to be replicated in the Permian, with a focus on returns and efficiency [58] - There is optimism regarding the regulatory environment in Colorado, with indications that proposed drilling phase-out measures may not gain significant support [55] Other Important Information - The company has completed divestments totaling about one-third of its $300 million target, with plans to complete the remainder by mid-2024 [30] - The company has a remaining $425 million on its share repurchase authorization, indicating a strong commitment to returning capital to shareholders [46][88] Q&A Session Summary Question: What is the 2024 Permian production guide? - The company expects production of around 170,000 BOE per day from approximately 140 wells, with a focus on capital efficiencies and operational improvements [34] Question: How will the company manage operational efficiencies in the Permian? - Management noted early wins in reducing drilling days by 20-30% and emphasized a focus on returns and shortening the time from capital deployment to production [35][36] Question: What is the expected cash tax outlook for 2025 and beyond? - Management indicated that cash taxes are expected to be in the range of $150 million to $175 million per year at $75 oil [6] Question: How does the company plan to balance buybacks and debt reduction? - The company aims to balance shareholder returns with its leverage target, remaining opportunistic in share repurchases while focusing on long-term value creation [87][88]

For the quarter ended December 2023, Civitas Resources (CIVI) reported revenue of $1.13 billion, up 38.4% over the same period last year. EPS came in at $3.20, compared to $2.49 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $1.2 billion, representing a surprise of -6.35%. The company delivered an EPS surprise of +9.59%, with the consensus EPS estimate being $2.92.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall S ...

Civitas Resources (CIVI) came out with quarterly earnings of $3.20 per share, beating the Zacks Consensus Estimate of $2.92 per share. This compares to earnings of $2.49 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 9.59%. A quarter ago, it was expected that this oil and gas company would post earnings of $2.55 per share when it actually produced earnings of $1.56, delivering a surprise of -38.82%.Over the last four quarters ...

DENVER--(BUSINESS WIRE)--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 Civ ...

Civitas Announces Fourth Quarter and Full-Year 2023 Results DENVER — February 27, 2024 - Civitas Resources, Inc. (NYSE: CIVI) (the "Company" or "Civitas") today reported its fourth quarter and full-year 2023 financial and operating results, as well as provided its 2024 outlook. A webcast and conference call to discuss the results is planned for 8:00 a.m. MT (10:00 a.m. ET), February 28, 2024. Participation details are available in this release, and supplemental materials can be accessed on the Company's web ...