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."
Shares of Ovintiv Inc. closed at $31.32 yesterday.
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