Roth Capital analyst Leo Mariani downgraded Civitas Resources (CIVI) to Neutral from Buy with a price target of $34, down from $46. The firm is citing its cautious stance on the macro set-up for oil prices in the near term as we think that supply and demand are trending more out of balance as pending OPEC+ production increases are pointing to a likely oversupply situation this summer, the analyst tells investors in a research note. Roth also points to the company’s high financial leverage vs. peers, its more limited share buyback at weaker oil prices, and its recent challenges with operational execution.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CIVI:
- Civitas Resources price target lowered to $54 from $62 at Piper Sandler
- Civitas Resources price target lowered to $52 from $58 at Mizuho
- Civitas Resources Focuses on Cash Flow and Efficiency
- Civitas Resources’ Earnings Call: Strategic Moves Amid Challenges
- Civitas Resources Appoints New President and COO
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue