Fintel reports that on September 18, 2024, JP Morgan initiated coverage of Civitas Resources (NYSE:CIVI) with a Overweight recommendation.
Analyst Price Forecast Suggests 69.86% Upside
As of August 26, 2024, the average one-year price target for Civitas Resources is $91.95/share. The forecasts range from a low of $75.75 to a high of $106.05. The average price target represents an increase of 69.86% from its latest reported closing price of $54.13 / share.
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The projected annual revenue for Civitas Resources is 2,786MM, a decrease of 42.01%. The projected annual non-GAAP EPS is 10.67.
What is the Fund Sentiment?
There are 848 funds or institutions reporting positions in Civitas Resources. This is an increase of 38 owner(s) or 4.69% in the last quarter. Average portfolio weight of all funds dedicated to CIVI is 0.34%, an increase of 0.33%. Total shares owned by institutions increased in the last three months by 0.03% to 103,073K shares. 
The put/call ratio of CIVI is 0.81, indicating a bullish outlook.
What are Other Shareholders Doing?
Canada Pension Plan Investment Board holds 9,524K shares representing 9.68% ownership of the company. In its prior filing, the firm reported owning 16,481K shares , representing a decrease of 73.04%. The firm decreased its portfolio allocation in CIVI by 50.85% over the last quarter.
Kimmeridge Energy Management Company holds 4,172K shares representing 4.24% ownership of the company. In its prior filing, the firm reported owning 8,372K shares , representing a decrease of 100.66%. The firm decreased its portfolio allocation in CIVI by 41.49% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 3,180K shares representing 3.23% ownership of the company. In its prior filing, the firm reported owning 3,192K shares , representing a decrease of 0.39%. The firm decreased its portfolio allocation in CIVI by 11.95% over the last quarter.
Marshall Wace, Llp holds 3,150K shares representing 3.20% ownership of the company. In its prior filing, the firm reported owning 1,467K shares , representing an increase of 53.44%. The firm increased its portfolio allocation in CIVI by 9.52% over the last quarter.
Victory Capital Management holds 2,869K shares representing 2.92% ownership of the company. In its prior filing, the firm reported owning 2,692K shares , representing an increase of 6.17%. The firm decreased its portfolio allocation in CIVI by 36.35% over the last quarter.
Civitas Resources Background Information
(This description is provided by the company.)
Civitas Resources, Inc. is Colorado’s first carbon neutral oil & gas producer and is focused on developing and producing crude oil, natural gas and natural gas liquids in Colorado’s Denver-Julesburg Basin. The company is committed to pursuing compelling economic returns and cash flow while delivering best-in-class cost leadership and capital efficiency. Civitas is dedicated to safety, environmental responsibility, and implementing industry leading practices to create a positive local impact.
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