UPDATE: Ovintiv Inc. (OVV) PT Raised to $37 at Mizuho Securities, Upgraded to Buy (correction)

May 17, 2021 6:42 AM EDT
Get Alerts OVV Hot Sheet
Price: $31.41 +2.82%

Rating Summary:
    10 Buy, 8 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 12 | Down: 7 | New: 31
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(Updated - May 17, 2021 6:46 AM EDT)

Mizuho Securities analyst Vincent Lovaglio raised the price target on Ovintiv Inc. (NYSE: OVV) to $37.00 (from $27.00) while upgrading to Buy (from Neutral).

The analyst comments "Our prior bull case of $70/bbl Brent is now the base case due to stronger than expected demand and an increasing likelihood that global demand hits pre-pandemic levels by 4Q21. We are raising our 2021 and 2022 Brent forecast to $66/$70/bbl from $60/$60/bbl. We expect Brent to reach $75/bbl in 4Q21 and see upside to $80/bbl. Inventories are nearly in line with 2019 levels, and we expect a significant decline in 2H21 as demand accelerates and supply growth is limited to OPEC+. We are raising oil-levered price targets by 17%. Top picks: COP, DVN, RDS, and XEC. Upgrading OVV to Buy given its leading unlevered free cash flow yield in 2022 at our higher deck."

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