Yahoo Finance Ovintiv Maintained at Sector Perform at RBC Following Q1 Results; Price Target Kept at US$60.00
RBC Capital Markets on Wednesday reiterated its sector-perform rating on the shares of Ovintiv (OVV.TO, OVV) and its US$60.00 price target following first-quarter results from the oil and gas producer.
"Ovintiv reported solid first-quarter results (see table below) punctuated by largely in-line CFPS and equivalent production, and 2% lower capital spending vis-a-vis Street consensus. Alongside its first-quarter results, the company modified its full-year guidance and issued its second-quarter 2024 guidance ... OVV's first-quarter production came in at 573,800 boe/d-1% above RBC at 569,200 boe/d. Our estimate sat just above the mid-point of the company's first-quarter production guidance range ... In conjunction with its first-quarter results, Ovintiv tightened its total equivalent production guidance range in 2024 to
560,000-575,000 boe/d (vs. 545,000-575,000 boe/d previously). Our 2024 equivalent production estimate sits at 560,400 boe/d. Ovintiv reiterated its 2024 capital program of $2.2-$2.4 billion (vs. RBC at $2.3 billion). In the second-quarter of 2024, Ovintiv is guiding toward total equivalent production of 560,000-575,000 boe/d (vs. RBC at 562,500 boe/d) amid mid-point capital spending of $630 million (vs. RBC at $625 million)," analyst Greg Pardy wrote.
(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)
