Truist Securities on Monday reiterated its buy rating on the shares of Ovintiv (OVV.TO, OVV) while raising its price target to US$57.00 from US$47.00 following third-quarter results from the oil and gas producer.

"Ovintiv turned in a strong 3Q that resulted in relatively flat sequential quarterly production with materially sequentially lower capital spend. While some of the notable upside last quarter was D&C timing, strong continued capital efficiency was evident. Assuming more of the same, the company will have the option to grow production and/or cut spending. Increasing our price target to $57 from $47 on the continued capital efficiencies among other things," the investment bank noted.

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