Insiders Load Up in Clusters on Civitas Stock After Post-Earnings Selloff

A wave of insider buying has just lit up the ticker at Civitas Resources Inc. (CIVI:US). The Denver-based oil and gas producer, known for its operations across the Denver-Julesburg and Permian Basins and boasting a $2.75 billion market cap, has recently come under pressure following a mixed earnings report that sent the stock sliding. In response, several top executives — including the CEO, CFO, and Chairman — stepped in aggressively, purchasing millions worth of company shares. 

$2.2 Million in Insider Buys Sends a Strong Signal

On May 9, 2025, seven insiders at Civitas, including C-suite executives and board members, collectively bought over $2.2 million worth of stock on the open market.

• CEO Chris Doyle purchased 9,019 shares, spending approximately $250,000.

• New COO Clayton Carrell made the largest individual buy, investing $875,000 for 31,010 shares.

• CFO Marianella Foschi bought 3,500 shares for around $96,779.

• Chairman Wouter Van Kempen stepped in with a $200,128 purchase.

• Board members Carrie M. Fox and Howard Willard made sizable acquisitions as well, with Fox alone investing over $500,000.

These weren’t symbolic gestures. The size and breadth of these purchases suggest a coordinated show of confidence—executives putting real money on the line when sentiment turned sour.

Stock Dropped Despite an EPS Beat

Just a few days prior to the insider activity, Civitas reported first-quarter earnings that came in better than expected. The company posted a statutory EPS of $1.99, beating analyst expectations by 18%. Revenues, at $1.2 billion, were in line with forecasts.

Yet the stock dropped following the announcement. The market reaction wasn’t about the past quarter—it was about what’s ahead.

Analysts quickly revised their full-year expectations downward. The consensus now sees:

• 2025 revenue at $4.59 billion (a 9.5% year-over-year decline)

• EPS falling from $6.23 to $5.83 — a 36% drop from 2024

Compared to a projected 3.7% industry growth rate, Civitas is expected to underperform significantly. The downgrade in sentiment overshadowed the earnings beat.

Shares Rebound After Insider Buying

Interestingly, the insider activity seems to have marked the bottom—for now. Since the cluster of purchases on September 5, CIVI stock is up 7%, signaling that the market may be reevaluating the recent selloff.

Whether that bounce holds will depend on whether Civitas can overcome slowing revenue and macro headwinds in the energy sector.

Legal Concerns Surface

Complicating the picture is a new legal risk. The Law Offices of Howard G. Smith announced it is investigating potential securities fraud at Civitas, encouraging shareholders to inquire about a possible class-action lawsuit. The probe centers on concerns around the company’s disclosures following its latest earnings.

Adding to the uncertainty is recent executive turnover: Civitas has let go of its former COO and CTO, signaling possible internal turmoil behind the scenes. This kind of leadership shake-up — combined with falling forward guidance and fresh legal overhang — can weigh heavily on investor sentiment and create a perception of deeper issues brewing beneath the surface.

Final Thoughts: First-Ever Cluster Buy Shows Conviction

This insider activity isn’t just routine—it’s unprecedented for Civitas. Never before has this many senior leaders bought stock simultaneously in the open market. That kind of collective move isn’t taken lightly, and it’s often viewed as one of the strongest signals insiders can send.

The message is clear: Civitas’s top brass believes the selloff is overdone.