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RBC Maintains Ovintiv's Outperform Rating, US$70.00 Price Target

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RBC Capital Markets on Tuesday reiterated its outperform rating on the shares of Ovintiv (OVV.TO., OVV) and its US$70.00 price target following first-quarter results from the oil and gas producer.

Ovintiv delivered solid first-quarter results and streamlined its portfolio around the Montney and Permian basins, according to RBC.

The company has emerged as one of the largest condensate producers in Canada, the constructive pricing outlook for which reflects ongoing oil sands growth and a supply deficit, RBC said.

"In our eyes, Ovintiv's streamlined portfolio, resource depth and enhanced shareholder returns point toward ongoing share price appreciation and relative multiple expansion over time," analyst Greg Pardy said.

"That the company's strong well performance in the Montney will offset higher royalties-while its ongoing efficiency gains are set to neuter inflationary pressures-in 2026 is also bullish in our books," Pardy added.

Price: $78.60, Change: $-0.99, Percent Change: -1.24%

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