Ovintiv, California Resources raised to buy at Citi; Devon Energy tapped as top pick
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Citi has upgraded Ovintiv (OVV) and California Resources (CRC) to Buy from Neutral, setting price targets of $70 and $78, respectively. Analyst Scott Gruber highlights Ovintiv's improved balance sheet and well productivity, while California Resources is seen as a value opportunity post-earnings. Devon Energy (DVN) is noted as a top pick, benefiting from the Coterra acquisition and offering competitive free cash flow.
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