Civitas Has 'Meaningful' Scale To Drive FCF & Capital Return, Analyst Asserts
Portfolio Pulse from Lekha Gupta
BMO Capital Markets analyst Phillip Jungwirth initiated coverage on Civitas Resources Inc (NYSE:CIVI) with an Outperform rating and a price target of $95.00. The analyst expects the company's fundamentals to improve due to a more favorable operating environment and higher oil prices through 2025. The company's recent foray into the Permian basin is expected to boost asset quality and drive diversification. The analyst also expects CIVI's free cash flow to remain strong in 2024 and leverage to reduce following the Tap Rock and Hibernia acquisitions.
August 31, 2023 | 5:48 pm
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Civitas Resources Inc (NYSE:CIVI) has been given an Outperform rating by BMO Capital Markets analyst Phillip Jungwirth, with a price target of $95.00. The company's fundamentals are expected to improve, with strong free cash flow anticipated in 2024 and reduced leverage following the Tap Rock and Hibernia acquisitions.
The positive rating from BMO Capital Markets analyst Phillip Jungwirth is likely to have a positive impact on Civitas Resources Inc's stock in the short term. The analyst's expectations of improved fundamentals, strong free cash flow in 2024, and reduced leverage following the Tap Rock and Hibernia acquisitions are all positive indicators for the company's future performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100