Ovintiv resumed with an Overweight at JPMorgan

JPMorgan analyst Arun Jayaram resumed coverage of Ovintiv (OVV) with an Overweight rating and $58 price target following a brief restriction period. Ovintiv continues to trade at a discounted multiple versus the company’s Permian and Montney peers on a combined basis, the analyst tells investors in a research note. The firm says its favorable thesis is based on an the belief that the stock will re-rate relative to peers given the streamlining of its portfolio.