National Bank Financial on Friday maintained its outperform rating on the shares of Ovintiv (OVV.TO, OVV) while raising its price target to US$57.00 from US$55.00 following third-quarter results from the oil and gas producer.

"Average production of 593 mboe/d (flat Q/Q; +4% Y/Y) was in line with both NBF and street estimates of 570 mboe/d and 577 mboe/d, respectively. CFPS of $3.70 (-3% Q/Q; -8% Y/Y) split the consensus estimate of $3.53 and our NBF estimates of $3.91 (gives and takes across board explain the delta). We maintain our Outperform rating but are increasing our target price to US$57 (from US$55)," analyst Travis Wood 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: 59.40, Change: +1.87, Percent Change: +3.25