UBS raised the firm’s price target on Ovintiv (OVV) to $58 from $55 and keeps a Buy rating on the shares. Top Oil E&P pick views are reiterated following the $3B Anadarko divestiture, the analyst tells investors in a research note. After the NuVista acquisition and Anadarko sale, Ovintiv has largely addressed prior concerns around crude/condensate inventory and elevated debt, leaving little justification for the stock to trade at one of the lowest multiples in the E&P sector on a pro forma basis, UBS argues.
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