NuVista Energy Shareholders Approve Ovintiv Transaction with 99% Vote
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
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Source: PRnewswire
- Shareholder Vote Outcome: At NuVista's special meeting, approximately 99% of shareholders voted in favor of the transaction with Ovintiv, demonstrating strong confidence among shareholders and laying a solid foundation for the transaction's smooth progression.
- Court Approval: The Court of King's Bench of Alberta has granted the final order for the transaction, marking a critical phase as it is expected to close shortly after satisfying other customary closing conditions, thereby enhancing market expectations for NuVista's future development.
- Election Results for Consideration: As of the election deadline, NuVista shareholders had the option to choose cash or shares as consideration, with preliminary results indicating that those opting for cash will receive 100% cash consideration, reflecting a market preference for liquidity that may influence future capital allocation strategies.
- Consideration Allocation Expectations: Preliminary results show that shareholders choosing shares will receive approximately 58% in shares and 42% in cash, a combination that could impact long-term investment decisions and further stabilize and grow the company's stock price.
Analyst Views on OVV
Wall Street analysts forecast OVV stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for OVV is 51.00 USD with a low forecast of 42.00 USD and a high forecast of 56.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
17 Analyst Rating
13 Buy
4 Hold
0 Sell
Strong Buy
Current: 40.720
Low
42.00
Averages
51.00
High
56.00
Current: 40.720
Low
42.00
Averages
51.00
High
56.00
About OVV
Ovintiv Inc. is an oil and natural gas exploration and production company that is focused on developing its multi-basin portfolio of assets located in the United States and Canada. Its operations include the marketing of oil, natural gas liquids (NGLs) and natural gas. Its segments include USA operations and Canadian Operations. USA Operations include the exploration for, development of, and production and marketing of oil, NGLs, natural gas and other related activities within the United States. Canadian Operations include the exploration for, development of, and production and marketing of oil, NGLs, natural gas and other related activities within Canada. Its assets include Anadarko Basin, Montney, and Permian Basin. Anadarko is a liquids-rich play located in west-central Oklahoma in Blaine, Canadian, Custer, Dewey, Garvin, Grady, Kingfisher, McClain and Stephens counties. Montney is a condensate and natural gas play located in northwest Alberta and northeast British Columbia.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
