Ovintiv initiated with an Outperform at William Blair

William Blair analyst Neal Dingmann initiated coverage of Ovintiv (OVV) with an Outperform rating and fair value estimate of $50, which offers 26% upside. The company’s recent NuVista acquisition adds core liquids inventory with potential for incremental synergies, the analyst tells investors in a research note. The firm sees “material” upcoming shareholder returns from the company, including dividends and stock buybacks. It also believes Ovintiv could be sold to a large Canadian operator.