UPDATE: Citi Upgrades Ovintiv Inc. (OVV) to Buy

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(Updated - June 25, 2021 5:36 AM EDT)

Citi analyst Brian Downey upgraded Ovintiv Inc. (NYSE: OVV) from Neutral to Buy with a price target of $43.00 (from $34.00).

The analyst comments "Potential Catalysts — (1) Incremental cash return once hitting debt target. (2) We continue to model positive earnings on a trailing four Q’s basis in 3Q21 (i.e., lapping mid-2020 impairments), and thus see a potential S&P 400 eligibility / inclusion catalyst in late 2021 or 2022 (post 3Q reporting; see 3/31 note). (3) With its deleveraging progress (and XEC now a ‘deal stock’/investor frustration with XEC /COG), we think OVV has and will continue receiving incremental interest from those wanting mid-cap E&P exposure without going too much further on the risk curve."

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 $31.32 yesterday.

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