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DENVER - Civitas Resources, Inc. (NYSE: CIVI), an independent oil and gas exploration and production company, announced the appointment of Clay Carrell as its new President and Chief Operating Officer, effective today. This strategic move aims to leverage Carrell’s extensive industry experience to further Civitas’s operational objectives and enhance shareholder value. The appointment comes as the company maintains strong financial health, with InvestingPro data showing impressive revenue growth of 49.7% over the last twelve months and management actively buying back shares.
Carrell joins Civitas with a robust background in the energy sector, most recently serving as the Executive Vice President & Chief Operating Officer of Southwestern Energy until its merger with Chesapeake Energy. His career spans over 35 years, including significant roles at ARCO Oil and Gas Company, Burlington Resources, and Peoples Energy Production. Carrell’s expertise in managing multi-basin development programs and deploying cost-saving best practices is expected to be instrumental in Civitas’s continued growth.
Chris Doyle, the CEO of Civitas, expressed enthusiasm about the new addition to the team, citing Carrell’s proven leadership and the potential to maximize the value of the company’s assets in the Permian and DJ Basins. Carrell also shared his eagerness to contribute to Civitas’s success and to work alongside the team to realize the opportunities that lie ahead.
Civitas Resources focuses on the acquisition, development, and production of crude oil and liquids-rich natural gas. The company’s business model emphasizes generating significant free cash flow, maintaining a strong balance sheet, returning capital to shareholders, and upholding ESG leadership.
The information in this article is based on a press release statement from Civitas Resources, Inc.
In other recent news, Civitas Resources has been the focus of several analyst updates and financial assessments. Mizuho Securities adjusted its price target for Civitas Resources from $72 to $62 while maintaining an Outperform rating, noting the company’s conservative guidance and focus on production growth for 2025. KeyBanc Capital Markets has kept its Sector Weight rating, highlighting the success of Civitas’s four-mile laterals, which have shown improved productivity and cost efficiency. Moody’s Ratings has maintained Civitas’s Ba3 Corporate Family Rating but shifted its outlook from positive to stable, citing a weaker commodity price environment and the company’s focus on debt reduction.
BMO Capital Markets downgraded Civitas Resources from Outperform to Market Perform, lowering the price target to $42 from $50, due to concerns about the company’s financial projections amid current commodity prices. The analyst from BMO pointed out the challenges Civitas faces in reducing leverage and extending free cash flow duration. Despite these challenges, KeyBanc’s Tim Revzan reiterated a Sector Weight rating, advising Civitas to focus on strategic moves like accelerating asset sales and enhancing drilling execution to stabilize its position. Civitas Resources’ recent performance and strategic plans are under scrutiny as the company navigates a challenging economic environment.
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