Ovintiv price target raised to $55 from $53 at RBC Capital

RBC Capital analyst Greg Pardy raised the firm’s price target on Ovintiv (OVV) to $55 from $53 and keeps a Sector Perform rating on the shares. The company delivered another solid quarter punctuated by balance sheet deleveraging, which is an important driver of the stock’s relative performance, the analyst tells investors in a research note. Under current futures pricing, Ovintiv remains inexpensive, trading at a 2025 debt-adjusted cash flow multiple of 3.8-times vs. the firm’s North American Senior E&P peer group multiple of 5.2, RBC adds.