Ovintiv Maintained at Buy at TPH Following the US$3.0 Billion Sale of its Anadarko Assets; Price Target at US$56.00

MT Newswires Live02-18

Tudor, Pickering, Holt on Wednesday reiterated its buy rating on the shares of Ovintiv (OVV.TO, OVV) with a US$56.00 price target after the oil and gas producer sold its assets in the Anadarko basin to an undisclosed buyer for US$3.0 billion.

"We see OVV's update yesterday after the close as positive for shares, as the Anadarko asset sale comes in both at the higher end of our expectations and earlier than we'd anticipated. For context, the company announced that it has entered into an agreement to sell its Anadarko assets for $3.0B in cash proceeds (buyer undisclosed), with an expected closing date early in Q2'26; we'd anticipated ~$2.5-3.0B, and the potential for a deal to take more time with the possibility of multiple transactions comprising the full exit. In addition to further coring down the portfolio to top tier positions in both the Permian and Montney, the proceeds will reduce net debt to well below the company's $4B target looking at YE'26 metrics and ultimately enable the acceleration of enhancements to the return of capital program (to be addressed with earnings next week)," analyst Jeoffrey Lambujon wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 62.81, Change: -1.07, Percent Change: -1.68

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