NuVista Energy’s stock price target has been revised by Scotiabank from C$19.00 to C$18.00, according to a research note released on Wednesday, October 22, 2023. This new price objective suggests a modest potential upside of approximately 0.73% from the stock’s last closing price. This adjustment comes amid a series of mixed evaluations from various analysts regarding the company’s stock performance.
In addition to Scotiabank’s revision, other financial institutions have recently provided their insights on NuVista Energy. National Bank Financial downgraded the stock from an “outperform” rating to a “sector perform” rating while increasing its price target from C$18.50 to C$20.00. Desjardins also made a significant move, upgrading NuVista from a “hold” rating to a “moderate buy” on October 16, 2023.
Furthermore, TD Securities downgraded the stock from a “buy” rating to a “hold” rating on September 30, 2023, adjusting their price target down to C$17.00. In contrast, National Bank Financial had previously upgraded NuVista from a “hold” to a “strong buy” on August 6, 2023. CIBC increased its target price for NuVista Energy from C$19.00 to C$20.00 in a report issued on October 15, 2023.
Analysts have shown varied opinions on NuVista Energy, with three rating it as a Strong Buy, one as Buy, three as Hold, and one as Sell. Currently, the stock holds a consensus rating of “Moderate Buy” with an average price target of C$18.23, according to MarketBeat.com.
NuVista Energy Overview
NuVista Energy Ltd. is actively involved in the exploration, development, and production of oil and natural gas, primarily in the Western Canadian Sedimentary Basin. The company’s product lineup includes natural gas, condensate, oil, butane, propane, and ethane, with condensate accounting for nearly half of its total sales. Condensate is vital in the heavy oil sector, particularly when utilized with heavy oil bitumen.
Investors and analysts will continue to monitor NuVista Energy’s performance closely as the company navigates its market strategies amidst fluctuating price targets and analyst ratings. For those interested, a subscription to MarketBeat.com’s daily newsletter provides a concise summary of the latest news and analyst insights related to NuVista Energy and similar companies.
