BMO Capital upgraded Ovintiv (OVV) to Outperform from Market Perform with a price target of $57, up from $55. Ovintiv’s portfolio is more focused now than any time in its history, with core positions in the Midland and Montney, the analyst tells investors in a research note. The firm says both assets generate attractive returns and operational performance has been strong. The company has line of sight on continued deleveraging, supporting a resumption of buybacks in Q2, contends BMO. The firm says that while Ovintiv’s valuation has historically been discounted, a greater case for a re-rating now exists.
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