Civitas Resources downgraded to Hold from Buy at Siebert Williams

Siebert Williams analyst Gabriel Sorbara downgraded Civitas Resources to Hold from Buy with a price target of $42, down from $80. The firm believes the “elevated” OPEC+ spare capacity, uncertain global demand, the unclear impact of tariffs, and President Trump’s desire for lower oil prices bring “numerous concerns” that will weigh on oil prices and oil and gas exploration and production valuations. Along with reduced estimates on lower commodity prices, Siebert Williams downgraded Civitas Resources (CIVI) and Vital Energy (VTLE) to Hold, citing their less attractive overall relative valuations at the firm’s revised price deck.