Ovintiv upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs upgraded Ovintiv (OVV) to Buy from Neutral with a price target of $51, up from $47, citing expectations for outsized free cash flow generation. Following the company’s divestiture of the higher-cost Uinta assets and the acquisition of deeper, more capital efficient Montney inventory, the firm believes that the company’s free cash flow generation “trades at a meaningful discount relative to larger cap diversified E&P peers,” the analyst tells investors.