Tudor, Pickering, Holt on Monday reiterated its buy rating on the shares of Ovintiv (OVV.TO) with a US$57.00 price target following second-quarter results from the oil and gas producer.
"Updating our model post-earnings shows FCF in-line with the company's illustrative sensitivity (TPHe $1.65B at $65 WTI / $3.75 HH), with the main changes being slight downward revisions to overall capex (Permian and Anadarko the drivers), adjustments to opex / cash taxes, and a slight shift in the shape of production to be more Q3 weighted vs. ratable over H2. While we model ratable TILs in the Permian and Montney, we've weighted Anadarko activity to Q3, which puts our Q3 crude and condensate estimate at 208 (prior 207, guidance 202-208, Street 208) before our Q4 estimate comes down to 206 (Street 207); FY'25 TPHe 208 vs. guidance 205-209 and Street 207)," analyst Jeoffrey Lambujon 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)
Price: 58.60, Change: +1.84, Percent Change: +3.24
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.