NuVista Energy Downgraded to Hold Amid OVV Transaction and Positive Cash Flow Surprise11:42 PM From: Sam Burwell, CFA 6:42:13 PM (UTC-05:00) Eastern Time (US & Joelle Buzby Subject: NuVista Energy (NVA Downgrading to Hold on OVV Transaction; Lowering PT to Canada | Oil & Gas Exploration & Ltd | HOLD (BUY) NVA CN | C$17.90 | C$18.00 (C$20.00) | % to +1% Downgrading to Hold on OVV Transaction; Lowering PT to We lower our PT to C$18 to reflect the OVV deal consideration, and downgrade to Hold. We think the deal should close relatively smoothly given that NVA ran a sale process, sold at a ~20% premium to unaffected, and OVV's adjacent position supports synergies (which NVA shareholders can realize via the stock component).