Civitas Resources (CIVI) Stock Sinks As Market Gains: What You Should Know

In the latest trading session, Civitas Resources (CIVI) closed at $63.02, marking a -0.51% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 2.11%. Elsewhere, the Dow gained 1.18%, while the tech-heavy Nasdaq added 2.96%.

The oil and gas company's shares have seen a decrease of 3.42% over the last month, not keeping up with the Oils-Energy sector's gain of 6.4% and the S&P 500's gain of 3.08%.

Market participants will be closely following the financial results of Civitas Resources in its upcoming release. The company plans to announce its earnings on February 27, 2024. The company's upcoming EPS is projected at $2.92, signifying a 17.27% increase compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $1.2 billion, showing a 47.75% escalation compared to the year-ago quarter.

Investors should also take note of any recent adjustments to analyst estimates for Civitas Resources. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.19% decrease. Right now, Civitas Resources possesses a Zacks Rank of #3 (Hold).

In terms of valuation, Civitas Resources is currently trading at a Forward P/E ratio of 4.93. This denotes a discount relative to the industry's average Forward P/E of 9.43.

The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 239, positioning it in the bottom 6% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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Civitas Resources, Inc. (CIVI) : Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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