The U.S. stock market has been under pressure recently due to fears of an economic slowdown, but dividend-paying names can help smooth the ride for investors.
Shibutani said that while management didn't provide any significant updates related to the company's obesity programs, he does see the"scope for further beat and raise quarters during the balance of the year." He also noted that the company's capital allocation priorities, mainly dividends and debt reduction, remain intact.Shibutani ranks No. 462 among more than 8,900 analysts tracked by TipRanks.
The analyst highlighted that Civitas lowered its capital expenditure budget for the year by about 3%, fueled by reductions in well costs as the company integrates its Permian acquisitions. Additional well-cost savings in the DJ Basin also helped the company lower its 2024 capex estimate.
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