Civitas Resources (CIVI) Misses Q2 Earnings and Revenue Estimates

Core Viewpoint - Civitas Resources reported quarterly earnings of $2.06 per share, missing the Zacks Consensus Estimate of $2.93 per share, representing an earnings surprise of -29.69% [1] - The company posted revenues of $1.31 billion for the quarter ended June 2024, missing the Zacks Consensus Estimate by 3.55% [2] Financial Performance - Earnings per share (EPS) for the same quarter last year was $1.72, indicating a year-over-year increase [1] - Over the last four quarters, Civitas has surpassed consensus EPS estimates only once [2] - The company has topped consensus revenue estimates two times over the last four quarters [2] Market Performance - Civitas shares have increased by approximately 2% since the beginning of the year, while the S&P 500 has gained 15.8% [3] - The stock is currently rated Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - Current consensus EPS estimate for the upcoming quarter is $3.25 on revenues of $1.43 billion, and for the current fiscal year, it is $12.21 on revenues of $5.52 billion [7] - The outlook for the industry, specifically the Oil and Gas - Exploration and Production - United States sector, is currently in the bottom 27% of Zacks industries, which may impact stock performance [8]