Barclays raised the firm’s price target on Ovintiv (OVV) to $57 from $53 and keeps an Overweight rating on the shares. The firm estimates the company is exiting Uinta at 5.5-times 2025 EBITDX and buying in the Montney at 4.5-times with modestly positive impact on the balance sheet. The swap improves Ovintiv’s long-term free cash flow, high-grades Montney inventory, and extends development runway, so “an all-around win-win,” the analyst tells investors in a research note.
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