Fintel reports that on January 3, 2024, Mizuho upgraded their outlook for Civitas Resources (NYSE:CIVI) from Neutral to Buy .
Analyst Price Forecast Suggests 42.21% Upside
As of December 17, 2023, the average one-year price target for Civitas Resources is 97.00. The forecasts range from a low of 75.75 to a high of $117.60. The average price target represents an increase of 42.21% from its latest reported closing price of 68.21.
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The projected annual revenue for Civitas Resources is 2,786MM, a decrease of 12.02%. The projected annual non-GAAP EPS is 10.67.
Civitas Resources Declares $0.50 Dividend
On November 7, 2023 the company declared a regular quarterly dividend of $0.50 per share ($2.00 annualized). Shareholders of record as of December 15, 2023 received the payment on December 29, 2023. Previously, the company paid $0.50 per share.
At the current share price of $68.21 / share, the stock's dividend yield is 2.93%.
Looking back five years and taking a sample every week, the average dividend yield has been 9.08%, the lowest has been 2.81%, and the highest has been 21.86%. The standard deviation of yields is 3.59 (n=229).
The current dividend yield is 1.71 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 1.17. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -0.20%.
What is the Fund Sentiment?
There are 830 funds or institutions reporting positions in Civitas Resources. This is an increase of 70 owner(s) or 9.21% in the last quarter. Average portfolio weight of all funds dedicated to CIVI is 0.51%, an increase of 38.31%. Total shares owned by institutions increased in the last three months by 9.34% to 100,730K shares. 
The put/call ratio of CIVI is 0.62, indicating a bullish outlook.
What are Other Shareholders Doing?
Canada Pension Plan Investment Board holds 16,481K shares representing 17.57% ownership of the company. No change in the last quarter.
Kimmeridge Energy Management Company holds 8,348K shares representing 8.90% ownership of the company. In it's prior filing, the firm reported owning 11,644K shares, representing a decrease of 39.49%. The firm decreased its portfolio allocation in CIVI by 13.80% over the last quarter.
IJR - iShares Core S&P Small-Cap ETF holds 3,432K shares representing 3.66% ownership of the company. In it's prior filing, the firm reported owning 3,781K shares, representing a decrease of 10.16%. The firm decreased its portfolio allocation in CIVI by 10.77% over the last quarter.
G.F.W. Energy XII holds 3,400K shares representing 3.63% ownership of the company.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,921K shares representing 3.11% ownership of the company. In it's prior filing, the firm reported owning 2,498K shares, representing an increase of 14.47%. The firm increased its portfolio allocation in CIVI by 41.47% 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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