Civitas Resources price target raised to $84 from $80 at KeyBanc

KeyBanc analyst Tim Rezvan raised the firm’s price target on Civitas Resources to $84 from $80 to reflect higher conviction on the impact repurchases will have on production growth and overall value creation per share. The firm expects Civitas to be one of the few coverage companies to buck the trend of degrading efficiencies in 2023/2024, a product of Civitas’s refined spacing assumptions and a pivot to more productive core inventory. KeyBanc keeps an Overweight rating on the shares and reiterates the stock as a preferred pick out of earnings.