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Civitas Resources NYSE:CIVI Stock Report

Last Price


Market Cap







30 Sep, 2022


Company Financials +
CIVI fundamental analysis
Snowflake Score
Future Growth2/6
Past Performance5/6
Financial Health4/6

CIVI Stock Overview

Civitas Resources, Inc., an exploration and production company, focuses on the acquisition, development, and production of oil and natural gas in the Rocky Mountain region, primarily in the Wattenberg Field of the Denver-Julesburg Basin of Colorado.

Civitas Resources Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Civitas Resources
Historical stock prices
Current Share PriceUS$57.39
52 Week HighUS$84.76
52 Week LowUS$44.17
1 Month Change-14.59%
3 Month Change8.20%
1 Year Change17.03%
3 Year Change156.09%
5 Year Change71.26%
Change since IPO-96.22%

Recent News & Updates

Sep 05

Civitas Resources: A Colorado Producer On Dividend Steroids

Summary Civitas Resources came out with adjusted quarterly earnings of $4.63 per share in 2Q22, compared to $1.19 a year ago. Production for 2Q22 was 175.223K Boep/d, up 10.2% sequentially and up significantly from 42.323K Boep/d the same quarter a year ago. CIVI is paying a base quarterly dividend of $0.4625 and a quarterly variable dividend of $1.30 per share, payable in September. I recommend buying CIVI on any weakness between $65.3 and $57.5, with potential lower support at $46.00 in case of extreme retracement. Introduction Civitas Resources (CIVI) is Colorado's first carbon-neutral oil and gas producer concentrated in Colorado's Wattenberg Field of the Denver-Julesburg Basin, called the DJ Basin. The company owns some of its midstream infrastructures as well. CIVI Midstream (CIVI Presentation) Last year, Bonanza Creek Energy rebranded as Civitas Resources through the consolidation of fellow D-J Basin operators, first the all-stock merger with Extraction Oil & Gas and later Crestone Peak. Civitas Resources had 420 net MMBOE in Reserves in 2Q'22. CIVI 2Q22 Reserves (Civitas Resources Presentation) CEO Chris Doyle said in the conference call: As Colorado's largest pure-play E&P and first carbon-neutral E&P company on a Scope 1 and Scope 2 basis, Civitas is well positioned for future success within Colorado and the industry more broadly. We're a young company. We've come together over the past 18 months and there were certainly more work to be done. Note: Civitas is a new company for my marketplace, "the gold and oil corner," and my stock tracker, and it is my first article reporting on the quarterly results of this company. Civitas Resources released its second quarter of 2022 results on August 3, 2022. A reminder: On March 1, 2022, Civitas Resources closed its acquisition of Bison Oil & Gas II, LLC, with a total cash outlay by the company of approximately $300 million, which was funded with cash on hand. 1 - 2Q'22 results snapshot Civitas Resources came out with adjusted quarterly earnings of $4.63 per share in 2Q22, compared to $1.19 a year ago. Adjusted earnings beat analysts' expectations. GAAP net income of $468.82 million and Adjusted EBITDA of $739.2 million (EBITDA of $831.57 million) for the second quarter of 2022. Average daily sales volumes of 175.2K Boep/d, with oil representing 46% of total output and total capital expenditures of $238.6 million. CIVI retired $100 million of senior notes and exited the second quarter of 2022 with $392.51 million in debt. Total liquidity was $1.427 billion as of June 30, 2022, which consisted of $439.3 million cash plus funds available under the new credit facility. 2 - Stock performance Data by YCharts CIVI has done well on a one-year basis but has slightly underperformed the group, as shown in the chart above. CIVI has been up 59% since Sept. 2021. 3 - Investment thesis Crude oil prices underwent a tremendous rebound one year after the 2020 oil crash. Likewise, natural gas prices, which bottomed out in April 2020, recovered. In 2022, oil and gas prices soared, with crude oil trading at over $111 per barrel as of June 2022. This tremendous rise benefitted producers of oil and gas like Civitas Resources. West Texas crude oil is starting to retrace and is now below $90, and the rigs count is slowly decreasing but still much higher than a year ago. The total rig count fell to 760 this week-263 rigs higher than the rig count this time in 2021. CIVI is now following the trend and is retracing from its recent peak with a renewed strength since its early July low. But, with the FED's action, we may fall into a recession at the end of 2022, which will hamper oil demand. Thus, Civitas Resources should be considered a long-term investment, and it is appropriate to accumulate CIVI on any significant weakness. However, the volatility attached to the oil segment should push you to trade short-term LIFO using at least 30% of your entire position. This two-level strategy has prevailed in my marketplace, "The Gold and Oil Corner," and I believe it is the most rewarding strategy in those circumstances. Unfortunately, only US investors can use LIFO, but there is still an alternative for others. Please read my note at the end of this article. Civitas Resources - Financials and production in 2Q22 - The raw numbers Civitas Resources 2Q21 3Q21 4Q21 1Q22 2Q22 Total Revenues in $ Million 156.04 189.96 510.46 817.81 1151.36 Net income in $ Million -25.32 40.66 163.70 91.64 468.82 EBITDA $ Million 1.77 93.87 370.03 306.74 8company PS diluted in $/share -0.83 1.31 2.46 1.07 5.48 Operating Cash flow in $ Million 36.60 112.68 82.36 532.54 722.23 Capital Expenditure in $ Million 28.91 47.04 47.85 560.82 209.97 Free Cash Flow in $ Million 7.69 65.64 34.51 -28.28 512.26 Total cash $ Million 24.40 40.41 254.45 154.35 439.25 Total Long-term Debt in $ Million 199.00 160.00 491.70 492.12 392.51 Dividend $/share 0.4625 0.4625 0.4625 1.3625 1.7625 Shares outstanding (diluted) in Million 30.66 31.14 84.57 85.33 85.55 Source: Civitas Resources 10Q * From the press release: The Company's board of directors has elected to pay a dividend of $1.7625 per share in the third quarter, which reflects the combination of a variable dividend of $1.3000 per share and a base fixed dividend of $0.4625 per share. This dividend will be paid on September 29, 2022 to shareholders of record as of September 15, 2022. Analysis: Revenues, free cash flow, net debt, and oil & gas production 1 - Quarterly revenues and others were $1,151.36 million in 2Q'22 CIVI Quarterly Revenues history (Fun Trading) Net crude oil, natural gas, and natural gas liquids revenue for the second quarter of 2022 increased to $1,151.36 million compared to $817.81 million company the first quarter of 2022. The increase came from higher crude oil, natural company natural gas liquids realized prices, and increased sales volumes. Crude oil accounted for approximately 68% of total revenue for the quarter. 2 - Generic free cash flow was $512.26 million in 2Q'22 CIVI Quarterly Free cash flow history (Fun Trading) Note: The generic free cash flow is cash from operating activities minus CapEx. The company has a different way of calculating the FCF, which indicates $436.6 million in 2Q22. Operating cash flow is $722.23 million, and CapEx is $209.97 million in 2Q22. Trailing 12-month free cash flow is now $584.13 million, with the second quarter's free cash flow at $1,154 million. This excellent level of Free cash flow allows the company to pay an impressive dividend in September. CIVI is paying a base quarterly dividend of $0.4625 and a quarterly variable dividend of $1.30 per share. CIVI Quarterly determination of the dividend 2Q22 Payable in September (Civitas Resources)

Sep 01
Is Civitas Resources, Inc. (NYSE:CIVI) Trading At A 47% Discount?

Is Civitas Resources, Inc. (NYSE:CIVI) Trading At A 47% Discount?

How far off is Civitas Resources, Inc. ( NYSE:CIVI ) from its intrinsic value? Using the most recent financial data...

Shareholder Returns

CIVIUS Oil and GasUS Market

Return vs Industry: CIVI underperformed the US Oil and Gas industry which returned 36.6% over the past year.

Return vs Market: CIVI exceeded the US Market which returned -21.5% over the past year.

Price Volatility

Is CIVI's price volatile compared to industry and market?
CIVI volatility
CIVI Average Weekly Movement8.4%
Oil and Gas Industry Average Movement8.1%
Market Average Movement6.9%
10% most volatile stocks in US Market15.6%
10% least volatile stocks in US Market2.8%

Stable Share Price: CIVI is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: CIVI's weekly volatility (8%) has been stable over the past year.

About the Company

1999322Chris Doyle

Civitas Resources, Inc., an exploration and production company, focuses on the acquisition, development, and production of oil and natural gas in the Rocky Mountain region, primarily in the Wattenberg Field of the Denver-Julesburg Basin of Colorado. As of December 31,2021, it had proved reserves 397.7 MMBoe comprising 143.6 MMbbls of crude oil, 106.0 MMbbls of natural gas liquids, and 888.5 Bcf of natural gas. The company was formerly known as Bonanza Creek Energy, Inc. Civitas Resources, Inc. was founded in 1999 and is based in Denver, Colorado.

Civitas Resources Fundamentals Summary

How do Civitas Resources's earnings and revenue compare to its market cap?
CIVI fundamental statistics
Market CapUS$4.88b
Earnings (TTM)US$764.82m
Revenue (TTM)US$2.67b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CIVI income statement (TTM)
Cost of RevenueUS$511.27m
Gross ProfitUS$2.16b
Other ExpensesUS$1.39b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)8.99
Gross Margin80.85%
Net Profit Margin28.65%
Debt/Equity Ratio7.9%

How did CIVI perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is CIVI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CIVI?

Other financial metrics that can be useful for relative valuation.

CIVI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.8x
Enterprise Value/EBITDA2.8x
PEG Ratio0.3x

Price to Earnings Ratio vs Peers

How does CIVI's PE Ratio compare to its peers?

CIVI PE Ratio vs Peers
The above table shows the PE ratio for CIVI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average10.9x
CRK Comstock Resources
VNOM Viper Energy Partners
MTDR Matador Resources
SM SM Energy
CIVI Civitas Resources

Price-To-Earnings vs Peers: CIVI is good value based on its Price-To-Earnings Ratio (6.4x) compared to the peer average (10.9x).

Price to Earnings Ratio vs Industry

How does CIVI's PE Ratio compare vs other companies in the US Oil and Gas Industry?

Price-To-Earnings vs Industry: CIVI is good value based on its Price-To-Earnings Ratio (6.4x) compared to the US Oil and Gas industry average (8.3x)

Price to Earnings Ratio vs Fair Ratio

What is CIVI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CIVI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.4x
Fair PE Ratio20.4x

Price-To-Earnings vs Fair Ratio: CIVI is good value based on its Price-To-Earnings Ratio (6.4x) compared to the estimated Fair Price-To-Earnings Ratio (20.4x).

Share Price vs Fair Value

What is the Fair Price of CIVI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CIVI ($57.39) is trading below our estimate of fair value ($159.4)

Significantly Below Fair Value: CIVI is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Future Growth

How is Civitas Resources forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score


Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CIVI's forecast earnings growth (19.2% per year) is above the savings rate (1.9%).

Earnings vs Market: CIVI's earnings (19.2% per year) are forecast to grow faster than the US market (14.7% per year).

High Growth Earnings: CIVI's earnings are forecast to grow, but not significantly.

Revenue vs Market: CIVI's revenue (4.3% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: CIVI's revenue (4.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if CIVI's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Civitas Resources performed over the past 5 years?

Past Performance Score


Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CIVI has high quality earnings.

Growing Profit Margin: CIVI's current net profit margins (28.6%) are higher than last year (10.9%).

Past Earnings Growth Analysis

Earnings Trend: CIVI has become profitable over the past 5 years, growing earnings by 46.8% per year.

Accelerating Growth: CIVI's earnings growth over the past year (1889.6%) exceeds its 5-year average (46.8% per year).

Earnings vs Industry: CIVI earnings growth over the past year (1889.6%) exceeded the Oil and Gas industry 184.6%.

Return on Equity

High ROE: CIVI's Return on Equity (15.3%) is considered low.

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Financial Health

How is Civitas Resources's financial position?

Financial Health Score


Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: CIVI's short term assets ($1.0B) do not cover its short term liabilities ($1.5B).

Long Term Liabilities: CIVI's short term assets ($1.0B) exceed its long term liabilities ($947.9M).

Debt to Equity History and Analysis

Debt Level: CIVI has more cash than its total debt.

Reducing Debt: Insufficient data to determine if CIVI's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: CIVI's debt is well covered by operating cash flow (369.4%).

Interest Coverage: CIVI's interest payments on its debt are well covered by EBIT (46.6x coverage).

Balance Sheet

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What is Civitas Resources's current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Civitas Resources Dividend Yield vs Market
How does Civitas Resources dividend yield compare to the market?
SegmentDividend Yield
Company (Civitas Resources)8.4%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Oil and Gas)5.0%
Analyst forecast in 3 Years (Civitas Resources)n/a

Notable Dividend: CIVI's dividend (8.37%) is higher than the bottom 25% of dividend payers in the US market (1.66%).

High Dividend: CIVI's dividend (8.37%) is in the top 25% of dividend payers in the US market (4.7%)

Stability and Growth of Payments

Stable Dividend: Too early to tell whether CIVI's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if CIVI's dividend payments are increasing as they only just started paying a dividend.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (29.6%), CIVI's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (70.8%), CIVI's dividend payments are covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Chris Doyle (49 yo)



Mr. M. Christopher Doyle, also known as Chris, serves as Director of Civitas Resources, Inc. since July 2022. He served as an Executive Vice President of Operations - Northern Division at Chesapeake Energy...

Leadership Team

Experienced Management: CIVI's management team is not considered experienced ( 0.7 years average tenure), which suggests a new team.

Board Members

Experienced Board: CIVI's board of directors are not considered experienced ( 0.8 years average tenure), which suggests a new board.


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: CIVI insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

NYSE:CIVI Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
13 Sep 22SellUS$123,500Sandra GarbisoIndividual1,900US$65.00
12 Sep 22BuyUS$234,471Travis CountsIndividual3,556US$65.94
10 Aug 22BuyUS$2,005,797M. DoyleIndividual33,623US$59.66
18 Mar 22SellUS$362,347Brian CainIndividual6,436US$56.30
10 Mar 22SellUS$56,872Dean TinsleyIndividual1,000US$56.87
07 Mar 22SellUS$56,970Brant DeMuthIndividual1,000US$56.97
02 Mar 22SellUS$144,525Brant DeMuthIndividual2,500US$57.81
11 Jan 22SellUS$203,496Paul KeglevicIndividual3,574US$56.94
02 Nov 21BuyUS$1,339,330CPP InvestmentsCompany24,166US$55.42

Ownership Breakdown

What is the ownership structure of CIVI?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders391,9580.4%
VC/PE Firms11,644,49712.9%

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 175.6%.

Top Shareholders

Top 25 shareholders own 90.32% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
CPP Investments
Kimmeridge Energy Management Company, LLC
BlackRock, Inc.
The Vanguard Group, Inc.
State Street Global Advisors, Inc.
Donald Smith & Co., Inc.
Dimensional Fund Advisors LP
PGIM, Inc.
Sourcerock Group LLC
Geode Capital Management, LLC
Brookfield Asset Management Inc.
BNY Mellon Asset Management
Slate Path Capital LP
Northern Trust Global Investments
Pzena Investment Management, Inc.
Copeland Capital Management, LLC
Whitebox Advisors LLC
Diamond Hill Capital Management, Inc.
Charles Schwab Investment Management, Inc.
Invenomic Capital Management, LP
Principal Global Investors, LLC
Invesco Capital Management LLC
Victory Capital Management Inc.
azValor Asset Management SGIIC, S.A.U.

Company Information

Civitas Resources, Inc.'s employee growth, exchange listings and data sources

Key Information

  • Name: Civitas Resources, Inc.
  • Ticker: CIVI
  • Exchange: NYSE
  • Founded: 1999
  • Industry: Oil and Gas Exploration and Production
  • Sector: Energy
  • Implied Market Cap: US$4.880b
  • Shares outstanding: 85.03m
  • Website:

Number of Employees


  • Civitas Resources, Inc.
  • 410 17th Street
  • Suite 1400
  • Denver
  • Colorado
  • 80202
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
B2CDB (Deutsche Boerse AG)YesNew Common SharesDEEURDec 2011
CIVINYSE (New York Stock Exchange)YesNew Common SharesUSUSDDec 2011

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.