Ovintiv price target raised to $68 from $63 at BofA

BofA analyst Kalei Akamine raised the firm’s price target on Ovintiv (OVV) to $68 from $63 and keeps a Buy rating on the shares. Ovintiv is outperforming in a strong energy tape, but the firm believes “this is just the beginning of a re-rating” as it sees an attractive idiosyncratic investment case for Ovintiv regardless of the broader oil macro backdrop, the analyst tells investors. A multi-year high grading effort has seen Ovintiv compile two of the best positions in E&P – the Northern Midland Basin, and the condensate rich Montney – both of which have 15 years of oil drilling runway, the analyst added.