OVV: Bullish Thesis Intact

研报英文原文证据摘录

OVV: Bullish Thesis Intact

RBC Dominion Securities Inc.

Greg Pardy, CFA (Head of Global Energy Research)

(416) 842-7848, greg.pardy@rbccm.com

Chris Neibert (Associate)

(416) 842-8375, chris.neibert@rbccm.com

May 12, 2026 Outperform

NYSE: OVV; USD 58.09; TSX: OVV Ovintiv Inc Price Target USD 70.00RESEARCH Bullish Thesis Intact Scenario Analysis*

Our view: In our eyes, Ovintiv’s streamlined portfolio, resource depth Downside Current Price Upside

and enhanced shareholder returns point toward ongoing share price Scenario Price Target Scenario

appreciation and relative multiple expansion over time. That the company’s 45.00 58.09 70.00 80.00

strong well performance in the Montney will offset higher (price-related) 20% 23% 40%

royalties—while its ongoing efficiency gains are set to neuter inflationary *Implied Total Returns

pressures—in 2026 is also bullish in our books. We are maintaining an Key Statistics

Outperform recommendation on Ovintiv and our one-year target price of Shares O/S (MM): 282.7 Market Cap (MM): 16,422EQUITY Dividend: 1.20 Yield: 2.1% $70 per share. Ovintiv is on our RBC Global Energy Best Ideas List. NAVPS: 70.74 P/NAVPS: 0.82x

Avg. Daily Volume: 3,804,630

Key points:

1Q Results. Ovintiv delivered solid first-quarter results and streamlined its RBC Estimates

portfolio around two powerful basins—the Montney and Permian (Exhibit FY Dec 2025A 2026E 2027E

EPS, Ops Diluted 4.84 8.83 9.05 1). The company has emerged as one of the largest condensate producers Prev. 8.69 8.79

in Canada, the constructive pricing outlook for which reflects ongoing oil P/E 12.0x 6.6x 6.4x

sands growth and a supply deficit. CFPS Diluted 14.57 18.67 19.62

Prev. 19.14 20.07

Net Debt and Shareholder Returns. Ovintiv’s net debt sat at less than P/CFPS 4.0x 3.1x 3.0x