|Over a week ago|
Ovintiv assumed with a Neutral at Credit Suisse » 19:5308/0408/04/20
Credit Suisse analyst…
Credit Suisse analyst William Janela assumed coverage of Ovintiv with a Neutral rating and $11 price target. The analyst made no changes to the firm's ratings, target prices or estimates in the Oil and Gas Exploration and Production sector.
Ovintiv reports Q2 EPS ($16.87) » 19:0807/2807/28/20
Reports Q2 production…
Reports Q2 production 536.6 MBOE/d vs 591.8 MBOE/d last year. "During a very challenging period, we took advantage of the tremendous flexibility we have built into our business and performed exceptionally well through the first half of 2020-maintaining a sharp focus on driving efficiencies in every part of the Company and positioning Ovintiv to thrive in 2020 and beyond," said Doug Suttles, Ovintiv President and CEO. "Our culture of innovation is allowing us to drive down drilling and completion costs, enhance margins through durable cost savings and strengthen our capital efficiency outlook. We are even more confident in our ability to deliver the 2021 scenario we discussed last quarter which maintains scale and our strong capital structure while generating free cash flow at modest commodity prices. We have a demonstrated track record of generating free cash flow-$52 million this quarter and about $290 million over the last four quarters. For the next six quarters, all excess cash flows will go towards reducing our debt."
Ovintiv put volume heavy and directionally bearish » 10:5507/2107/21/20
Bearish flow noted in…
Bearish flow noted in Ovintiv with 1,972 puts trading, or 2x expected. Most active are Aug-20 8 puts and Aug-20 11 calls, with total volume in those strikes near 1,900 contracts. The Put/Call Ratio is 6.36, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 28th.
Ovintiv upgraded to Peer Perform from Underperform at Wolfe Research » 09:3007/1507/15/20
Wolfe Research analyst…
Wolfe Research analyst Josh Silverstein upgraded Ovintiv to Peer Perform from Underperform with a price target of $11.50, up from $6.50.
|Over a month ago|
Ovintiv upgraded to Outperform from Market Perform at BMO Capital » 07:5706/2906/29/20
BMO Capital analyst…
BMO Capital analyst Philip Jungwirth assumed coverage and upgraded Ovintiv to Outperform from Market Perform with a price target of $13, up from $6.50. The valuation on the stock is "compelling" and while shares have recovered from the bottom, they still lag on year-to-date basis, the analyst tells investors in a research note. Jungwirth further cites Ovintiv's improving cost structure and capital efficiency that he believes are not yet fully discounted, adding that the company is also well-hedged for 2020.
Ovintiv price target raised to $12 from $7 at SunTrust » 08:2106/1906/19/20
SunTrust analyst Neal…
SunTrust analyst Neal Dingmann raised the firm's price target on Ovintiv to $12 from $7 and keeps a Hold rating on the shares. The company has done a "solid job" since its Newfield acquisition of positioning for the coming quarters, the analyst tells investors in a research note, and investors have "appreciated" these efforts by boosting the stock price by nearly 350% since early March. Dingmann adds however that while Ovintiv has the liquidity necessary to address 2021/2022 maturities and continue its operational plans, he is concerned with its above-peer leverage and a production profile that he estimates to continue declining in the coming quarters.
Ovintiv upgraded to Neutral from Underperform at Mizuho » 07:0806/1906/19/20
Mizuho analyst Vincent…
Mizuho analyst Vincent Lovaglio upgraded Ovintiv to Neutral from Underperform with a price target of $12, up from $5. The analyst believes the oil price strip has found a floor through 2021 at $40 per barrel. As such, Ovintiv's high leverage is less of a concern, and its maintenance capital and free cash goals seem achievable, Lovaglio tells investors in a research note.
Ovintiv has cut workforce by 25% this month, Bloomberg says 18:1106/1806/18/20
Largest borrow rate increases among liquid names » 08:4506/0506/05/20
GNC, CGC, MAC, FRO, MITT, OVV, ASHR, TZA, CRC, KL
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: GNC Holdings (GNC) 98.25% +4.34, Canopy Growth (CGC) 66.40% +1.43, Macerich (MAC) 2.71% +0.59, Frontline (FRO) 2.84% +0.53, AG Mortgage (MITT) 99.26% +0.49, Ovintiv (OVV) 3.63% +0.35, db X trackers China (ASHR) 16.39% +0.32, Direxion Daily Small Cap Bear 3X Shares (TZA) 5.80% +0.29, California Resources (CRC) 115.69% +0.23, and Kirkland Lake Gold (KL) 0.51% +0.21.
Ovintiv call volume above normal and directionally bullish » 14:4506/0306/03/20
Bullish option flow…
Bullish option flow detected in Ovintiv with 1,857 calls trading, 1.4x expected, and implied vol increasing almost 2 points to 109.12%. Jun-20 9 calls and Jun-20 10 calls are the most active options, with total volume in those strikes near 680 contracts. The Put/Call Ratio is 0.26. Earnings are expected on July 30th.