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HomeBusinessOvintiv Earns an Upgrade at Evercore

Ovintiv Earns an Upgrade at Evercore

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Evercore ISI analysts upgraded Ovintiv (NYSE:OVV) to Outperform from In Line, setting a price target of $60, and noting that despite Ovintiv’s relative performance to the sector over the past six months, the stock remains well-positioned compared to its SMID-cap peers.
Following the Permian acquisitions in 2023, Ovintiv’s management has effectively integrated assets and managed a steep decline curve. The initial wells drilled and completed by Ovintiv have performed exceptionally well, a fact that is now well-recognized in the market.
The analysts believe that in a competitive field, Ovintiv stands out as a strong performer among its peers. The company’s engineering capabilities and managed expectations offer ongoing opportunities to enhance well performance and efficiencies, supporting free cash flow and shareholder returns. Additionally, legacy costs that have burdened the income statement are decreasing, improving unit operating margins over time with reduced general and administrative (G&A) expenses.

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