Jefferies analyst Lloyd Byrne raised the firm’s price target on Civitas Resources to $102 from $100 and keeps a Buy rating on the shares after the company announced a roughly $2.1B deal to acquire Vencer Energy, a private E&P company in the Midland basin. The firm views the Vencer acquisition “constructively,” stating that it adds scale in the Midland at “a relatively low price” and provides upside to inventory depth and quality.
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