Ovintiv Shakes Up Portfolio With $2.38 Billion Montney Acquisition And $2 Billion Uinta Basin Sale, Pauses Buyback
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 14 2024
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Source: Benzinga
Acquisition Details: Ovintiv Inc. is acquiring Montney assets from Paramount Resources for approximately $2.377 billion, expected to enhance production and operational efficiency, while also selling its Uinta Basin assets for around $2.0 billion.
Financial Outlook: The transactions are projected to increase Ovintiv's 2025 free cash flow by about $300 million, leading to a 20% rise in free cash flow per share, with a temporary pause on share buybacks until the second quarter of 2025.
Analyst Views on OILT
Wall Street analysts forecast OILT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for OILT is USD with a low forecast of USD and a high forecast of 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.
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Current: 23.965
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Current: 23.965
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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.
