Civitas Solutions (CIVI) PT Raised to $105 at Truist Securities

Truist Securities analyst Neal Dingmann raised the price target on Civitas Solutions (NYSE: CIVI) to $105.00 (from $103.00) while maintaining a Buy rating.

The analyst commented: "Civitas has made quick work of its Permian integration already in the middle innings of incremental well productivity and operational efficiencies. While the company has not yet caught up on costs per foot with some peers that have been in the Basin longer, our forecasts suggest CIVI’s footage drilled per day per rig, completion barrels per day per crew and other operating metrics should continue to improve helping close the cost gap. We forecast Civitas to generate an ≈25% FCF yield next year that will allow for strong continued shareholder return, debt repayment, and further accretive deals. We increase our PT to $105 from $103."

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