Jefferies analyst Roger Agarwal downgraded Nuvista Energy (NUVSF) to Hold from Buy with a price target of C$18, down from C$20. The firm thinks the deal with Ovintiv (OVV) should close relatively smoothly given that NuVista ran a sale process, sold at a roughly 20% premium to unaffected, and Ovintiv’s adjacent position supports synergies. Moreover, NuVistta posted a Q3 beat on Tuesday, driven by stronger liquids volumes, the analyst tells investors in a research note.
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