Civitas Resources Inc Down 3.89% To $69.19 After Earnings Miss

Wednesday, November 8, 2023 - Civitas Resources Inc (CIVI) reported downside earnings and upside revenues.

Civitas Resources Inc's earnings came in at an EPS of $1.56 per share, 39% lower than estimates for an EPS of $2.57 per share. The firm's earnings are down 56% since reporting $3.56 per share in the same period a year ago.

Revenues were upbeat at $1 billion. That is an increase of 2.78% in revenues from the year-ago report and is 3.78% higher than consensus estimates set at $998.2 million.

The stock is down 3.89% to $69.19 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Civitas Resources Inc a Bearish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 65. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Civitas Resources Inc is a 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.