J. P.Morgan starts coverage of energy producer Civitas with 'overweight' rating

Civitas Resources

18/09/2024 14:38

** Brokerage J.P.Morgan starts coverage on energy producer
Civitas Resources  CIVI.N  with "overweight" rating and $67 PT
    ** PT represents 23% premium to stock's closing price
        ** Brokerage expects management to be aggressive with
stock buybacks after drop in valuation, instead of using
undervalued shares for M&As
  
        ** Use of capital in Permian basin to become more
efficient as it is in early days of operations - J.P.Morgan
  
    ** All 15 brokerages that cover CIVI rate it "buy" or
higher; median PT is $84 - LSEG
    ** Stock last at $54.70, up marginally in early trade on
Wed. and down 20.3% YTD

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))