RBC Capital Markets raised its price target on Ovintiv (OVV.TO, OVV) to $85 from $70.
Analyst Greg Pardy maintained an Outperform rating on the dual-listed natural gas company following its Q2 results.
"In our eyes, Ovintiv's streamlined portfolio, resource depth and enhanced shareholder returns point toward relative multiple expansion and continued share price appreciation," Pardy said in a note to clients.
"Ongoing solid performance, like what we saw in the second-quarter, along with potential S&P/TSX index inclusion, could accelerate this dynamic," the analyst said.
(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)
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