National Bank of Canada on Monday reiterated its outperform rating on the shares of Ovintiv (OVV.TO) while raising its price target to US$82.00 from US$80.00 after the oil and gas producer reported first-quarter results.
Ovintiv's average production of 679,000 barrels of oil equivalent per day (boe/d) in the quarter aligned with the bank's estimate of 670,000 boe/d and the Street forecast of 673,000 boe/d.
The company's cash flow of US$4.62 per share exceeded RBC's estimate of $3.93 per share and the consensus expectation of US$4.24 per share.
The delta to National Bank's estimates was driven by a combination of higher-than-expected volumes and realized prices, partially offset by higher-than-expected operating costs and royalties, the bank said.
Price: $79.99, Change: $-0.88, Percent Change: -1.09%