NEW YORK, June 18, 2025 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of Civitas Resources, Inc. (NYSE: CIVI). Shareholders who purchased shares of CIVI during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: https://securitiesclasslaw.com/securities/civitas-resources-loss-submission-form/?id=153443&from=3 CLASS PERIOD: Febru ...

NEW YORK, June 18, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Civitas Resources, Inc. (NYSE: CIVI) and certain of the Company’s senior executives for potential violations of the federal securities laws. If you invested in Civitas you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/civitas-resources-inc. Investors have until July 1, 2025, to ask the Court to be appointe ...

Core Viewpoint - A class action lawsuit has been filed against Civitas Resources, Inc. and certain officers for alleged violations of federal securities laws during the Class Period from February 27, 2024, to February 24, 2025, seeking damages for misleading statements regarding the company's business and financial prospects [1][6]. Company Overview - Civitas Resources, Inc. is an independent exploration and production company focused on crude oil and liquids-rich natural gas in the Denver-Julesburg Basin in Colorado and the Permian Basin in Texas and New Mexico, owning a working interest in a net total of 530,200 acres as of December 31, 2024 [3]. Financial Performance - For the fourth quarter and full year 2024, Civitas reported revenue of $1.29 billion, missing consensus estimates by $3.44 million, and net income of $151.1 million, down from $302.9 million in the year-ago quarter [7]. - The company announced a 10% workforce reduction to solidify its low-cost structure and reported interest expenses of $456.3 million for the year [9]. Production and Operational Insights - Throughout 2024, Civitas maintained steady oil production but experienced a peak in the DJ Basin in Q4 2024, leading to a reduction in new operational wells [5]. - The company projected a decline in oil production for 2025, estimating an average of 150 to 155 thousand barrels per day, which represents a year-over-year decline of approximately 4% [8]. Market Reactions - Following the announcement of reduced production guidance and disappointing financial results, Civitas's stock price fell by $8.95 per share, or 18.15%, closing at $40.35 per share on February 25, 2025 [10]. - Analysts expressed concerns regarding the company's operational clarity and financial health, particularly in relation to its significant debt of over $5 billion [10].

Core Viewpoint - Civitas Resources, Inc. is facing a class action securities lawsuit due to alleged securities fraud that affected investors between February 27, 2024, and February 24, 2025 [1] Group 1: Lawsuit Details - The lawsuit claims that Civitas was likely to significantly reduce its oil production in 2025 due to declines after a production peak at the DJ Basin in Q4 2024 and a low TIL count at the end of 2024 [2] - Increasing oil production would necessitate acquiring additional acreage and development locations, leading to significant debt and potential asset sales to cover acquisition costs [2] - The company's financial condition may require disruptive cost reduction measures, including a significant workforce reduction [2] - As a result, Civitas's business and financial prospects, as well as operational capabilities, were allegedly overstated, making public statements materially false and misleading [2] Group 2: Next Steps for Investors - Investors who suffered losses during the relevant timeframe have until July 1, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require serving as a lead plaintiff [3] - Class members may be entitled to compensation without any out-of-pocket costs or fees [3] Group 3: Firm Background - Levi & Korsinsky has a history of securing hundreds of millions of dollars for shareholders and has extensive expertise in complex securities litigation [4] - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the top securities litigation firms in the U.S. [4]

Core Viewpoint - A securities class action lawsuit has been filed against Civitas Resources, Inc. for failing to disclose significant operational challenges during the Class Period from February 27, 2024, to February 24, 2025 [1][3]. Financial Performance - Civitas reported Q4 2024 revenue of $1.29 billion, missing consensus estimates by $3.44 million, and non-GAAP earnings per share of $1.78, which was $0.21 below expectations [4]. - The company’s net income for the quarter was $151.1 million, or $1.57 per share, a decline from $302.9 million, or $3.23 per share, in the same quarter the previous year [4]. Operational Challenges - The lawsuit claims that Civitas was likely to significantly reduce its oil production in 2025 due to declines after peak production at the DJ Basin in Q4 2024 [3]. - Civitas indicated that increasing oil production would necessitate acquiring additional acreage and implementing disruptive cost-reduction measures [3]. - The company announced a 10% workforce reduction and the termination of its Chief Operating Officer and Chief Transformation Officer [5]. Market Reaction - Following the announcement of its financial results and operational outlook, Civitas's stock price fell by $8.95, or 18%, closing at $40.35 per share on February 25, 2025 [6].

Group 1 - JPMorgan maintains a Brent crude oil forecast in the low-to-mid $60s through 2025, with a flat price of $60 in 2026, indicating that geopolitical tensions are largely priced in [1][2] - The fair value of Brent is pegged at $66, suggesting a $10/bbl geopolitical premium during escalated tensions [1] - In an $80 WTI upside scenario, certain energy companies are expected to show industry-leading free cash flow (FCF) to enterprise value yields, with Talos at 40.7%, SM at 37.1%, and Civitas at 31.2% by 2027 [3] Group 2 - Despite a muted outlook for crude oil, JPMorgan identifies high-conviction upside in overlooked energy equities, suggesting potential for significant returns for investors willing to accept volatility [4] - Civitas Resources Inc is projected to have a 35% upside to $45, SM Energy Co a 24% upside to $35, and Talos Energy Inc an 18% upside to $11 [6] Group 3 - JPMorgan outlines three reasons for its cautious stance on oil prices, including a low probability of an all-out attack on Iran, the economic implications of closing the Strait of Hormuz, and the financial constraints faced by Gulf nations [5]

Core Viewpoint - A lawsuit has been filed against Civitas Resources, Inc. and its senior executives for potential violations of federal securities laws, with claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [1][2][3]. Company Overview - Civitas Resources, Inc. is an oil and gas exploration and production company with key assets in the Denver-Julesburg Basin in Colorado and the Permian Basin in Texas and New Mexico [3]. Allegations - The lawsuit alleges that Civitas misrepresented the recovery potential of its basins and claimed to have driven production ahead of plans while reducing operating costs, despite the reality that oil production peaked in 2024 and further production increases would require significant capital expenditures [3]. Stock Performance - Following the announcement of disappointing Q4 and full year 2024 results on February 24, 2025, Civitas reduced its oil production guidance and announced a 10% workforce reduction, leading to an 18% decline in stock price from $49.30 to $40.35 per share [4].

Core Viewpoint - Civitas Resources, Inc. is facing a class action lawsuit due to alleged misleading statements regarding its oil production and financial condition during the class period from February 27, 2024, to February 24, 2025 [1][3]. Group 1: Class Action Details - The Rosen Law Firm is reminding investors of the July 1, 2025, deadline to become a lead plaintiff in the class action against Civitas Resources [1][2]. - Investors who purchased Civitas securities during the class period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [1][2]. Group 2: Allegations Against Civitas - The lawsuit claims that Civitas made materially false and misleading statements, failing to disclose significant reductions in oil production expected in 2025 due to declines in the DJ Basin and low TIL counts [3]. - It is alleged that increasing oil production would require Civitas to incur significant debt and sell corporate assets, which would disrupt its financial condition and lead to workforce reductions [3]. - The lawsuit asserts that Civitas' public statements regarding its business and financial prospects were overstated, resulting in investor damages when the true details were revealed [3]. Group 3: Rosen Law Firm's Credentials - The Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements and being recognized for its success in the field [4]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4].

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Civitas Resources, Inc. due to allegations of false and misleading statements regarding the company's financial health and operational capabilities, which have led to significant investor losses [2][4]. Group 1: Allegations Against Civitas - The complaint alleges that Civitas and its executives violated federal securities laws by failing to disclose a likely significant reduction in oil production for 2025, attributed to declines in production at the DJ Basin and a low TIL count [4]. - It is claimed that increasing oil production would necessitate acquiring additional acreage, leading to significant debt and asset sales to cover acquisition costs [4]. - The company's financial condition is said to require disruptive cost-reduction measures, including a substantial workforce reduction [4]. - As a result, Civitas's business and financial prospects were overstated, making public statements materially false and misleading [4]. Group 2: Financial Impact and Stock Performance - On February 24, 2025, Civitas reported fourth quarter and full year financial results that missed consensus estimates for revenue and non-GAAP EPS, alongside announcing a 10% workforce reduction and the termination of key executives [5]. - Following this news, Civitas's stock price dropped by $8.95, or 18.2%, closing at $40.35 per share on February 25, 2025, resulting in significant losses for investors [5]. Group 3: Legal Proceedings and Investor Actions - Investors who suffered losses exceeding $100,000 between February 27, 2024, and February 24, 2025, are encouraged to contact Faruqi & Faruqi to discuss their legal options [1]. - There is a deadline of July 1, 2025, for investors to seek the role of lead plaintiff in the federal securities class action against Civitas [2][6]. - The firm is also seeking information from whistleblowers, former employees, and shareholders regarding Civitas's conduct [7].

Core Viewpoint - A lawsuit has been filed against Civitas Resources, Inc. and its senior executives for potential violations of federal securities laws, alleging misleading statements regarding the company's production capabilities and costs [1][2][3]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the District of New Jersey, titled Lin v. Civitas Resources, et al., No. 25-cv-03791, with claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [2]. - Investors have until July 1, 2025, to request to be appointed to lead the case [2]. Group 2: Company Background - Civitas Resources is an oil and gas exploration and production company with key assets in the Denver-Julesburg Basin in Colorado and the Permian Basin in Texas and New Mexico [3]. - The company claimed to have "enhanced recovery potential" and "driven production ahead of plans," while asserting that costs were below expectations [3]. Group 3: Financial Performance and Stock Impact - On February 24, 2025, Civitas announced disappointing Q4 and full year 2024 results, revealing that oil production had peaked and would require significant capital investment to increase production [4]. - Following the announcement, Civitas's stock price fell over 18%, from $49.30 per share to $40.35 per share [4].