Ovintiv upgraded to Buy from Neutral at Citi

Citi upgraded Ovintiv to Buy from Neutral with a price target of $52, up from $48. Year-to-date, the shares have underperformed peers and is down 11%, the analyst tells investors in a research note. The firm sees better performance in early fiscal 2024, however, given upside to production estimates. It believes Ovintiv’s 200mbo/d plateau will rise after assessing performance on recent wells from the Midland acreage acquired earlier this year. Citi finds Ovintiv trading attractively relative to its inventory life in part due to a heavier discount on its Canadian gas position.