Civitas Resources (CIVI) shares fell by more than 16% in recent Tuesday trading after KeyBanc downgraded the company's rating to sector weight from overweight following Q4 results that missed consensus estimates.
Civitas reported Q4 earnings late Monday of $1.57 per diluted share, down from $3.20 a year earlier. Analysts polled by FactSet expected $2.05.
Operating revenue for the quarter ended Dec. 31 was $1.29 billion, up from $1.13 billion a year earlier. Analysts surveyed by FactSet expected $1.30 billion.
Price: 40.95, Change: -8.35, Percent Change: -16.94
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