Truist analyst Neal Dingmann raised the firm’s price target on Ovintiv (OVV) to $59 from $57 and keeps a Buy rating on the shares. The firm is adjusting its model for Ovintiv after factoring in the announced accretive acquisition coupled with non-core sale, also agreeing with the company’s statement that the Permian and Montney remain two of the key North American oil basins with ample sub-$50/bbl breakevens, the analyst tells investors in a research note. The improved scale and strategic addition outweigh any downside related to investor concerns that Canadian assets could continue to garner a slight discount, the firm adds.
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Read More on OVV:
- Ovintiv price target raised to $57 from $53 at Barclays
- FourPoint signs purchase agreement to acquire Ovintiv’s Uinta Basin for $2B
- Ovintiv’s Strategic Acquisition and Divestiture Moves
- Ovintiv to acquire certain Montney assets from Paramount for $2.38B
- Ovintiv price target raised to $46 from $42 at Wells Fargo