Truist raised the firm’s price target on Civitas Resources to $97 from $93 and keeps a Buy rating on the shares. Shares have slightly underperformed the E&P group since the company announced two large Permian acquisitions, but the deals make sense to set Civitas up for better long term shareholder returns, the analyst tells investors in a research note. Truist adds that Civitas Resources also has an attractive diversified portfolio whereby it can continually grow its free cash flow.
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