Civitas Resources falls after RBC downgrades

Shares of oil and gas producer Civitas Resources CIVI.N fall 3% to $27.58

RBC Capital Markets cuts CIVI's PT to $40 from $47; downgrades rating to "sector perform" from "outperform"

Rating downgrade is related to a combination of factors including recent weaker operational performance and a greater uncertainty in the oil macro, RBC says

CIVI needs to further reduce activity levels and productive capacity to be better positioned for a sub-$60 per barrel environment - brokerage

As of last close, stock had fallen over 38% YTD