JPMorgan Upgrades Ovintiv Inc. (OVV) to Overweight, 'upside potential to 2024 oil expectations'

JPMorgan analyst Arun Jayaram upgraded Ovintiv Inc. (NYSE: OVV) from Neutral to Overweight with a price target of $58.00 (from $61.00).

The analyst comments "Compelling valuation (2024/25 FCF yields of 14.9%/14.7% vs. 9.7%/9.7% for peers) and upside potential to 2024 oil expectations on new Permian frac recipe. PE overhang associated with $4.3 B Permian deal is only ~3% of market cap after two recent secondary offerings."

For an analyst ratings summary and ratings history on Ovintiv Inc. click here. For more ratings news on Ovintiv Inc. click here.

Shares of Ovintiv Inc. closed at $42.41 yesterday.

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