Civitas Resources jumps on report it's exploring a possible sale

[oil pumps on sunset]
ssuaphoto/iStock via Getty Images

Civitas Resources (NYSE:CIVI [https://seekingalpha.com/symbol/CIVI]) gained 2.2% on a report that the oil and gas explorer is exploring a sale.

Civitas, which is working with advisers, is evaluating a deal with similarly sized or larger competitors, according to a Bloomberg report [https://financialpost.com/pmn/business-pmn/permian-explorer-civitas-said-to-explore-potential-sale]on Tuesday, which cited people familiar with the matter. No final decision has been made, and the company may decide to remain a standalone.

Civitas declined to comment to Bloomberg.

Civitas, which has operations in Texas and Colorado, has a market cap of about $2.9 billion.

MORE ON CIVITAS RESOURCES

* 6%+ Yield, 40%+ Discount To NAV, And Big Buyback: Civitas Resources [https://seekingalpha.com/article/4826726-6-percent-yield-40-percent-plus-discount-to-nav-and-big-buyback-civitas-resources]
* Civitas Resources: Buy This High Yield While It's Dirt Cheap [https://seekingalpha.com/article/4822046-civitas-resources-buy-this-high-yield-while-its-dirt-cheap]
* Civitas Resources: Say Goodbye To Debt And Hello To Capital Gains [https://seekingalpha.com/article/4816741-civitas-resources-say-goodbye-to-debt-and-hello-to-capital-gains]
* Civitas cut at Morgan Stanley as most impacts of accelerated stock buybacks played out [https://seekingalpha.com/news/4499596-civitas-cut-at-morgan-stanley-as-most-impacts-of-accelerated-stock-buybacks-played-out]
* Civitas targets $4.5B year-end net debt and accelerates $750M share buyback amid leadership change [https://seekingalpha.com/news/4481552-civitas-targets-4_5b-year-end-net-debt-and-accelerates-750m-share-buyback-amid-leadership]