Ovintiv added to ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI analyst Stephen Richardson is adding Ovintiv to the firm’s “Tactical Outperform” list, noting that shares have recently trailed the group, with the primary concern centered around recent Permian well results. However, the firm thinks this is “misunderstood by the street” and should be resolved over time in the data. Following recent underperformance, the firm now sees Ovintiv trading at an outsized premium to peers and sees an attractive entry point heading into Q2 earnings, says the analyst, who reiterates an Outperform rating and $60 price target on the stock.