The Globe and Mail reports in its Thursday edition that National Bank Financial analyst Dan Payne views NuVista Energy's acquisition by Ovintiv as a "sensible conclusion," prompting him to change his recommendation from "buy" to "tender" due to the premium on the current price and the liquidity of the acquiring entity. The Globe's David Leeder writes in the Eye On Equities column that Mr. Payne gave his share target a $2 shave to $18. Analysts on average target the shares at $18.19. After the bell on Tuesday, the companies announced the cash-and-stock deal valued at $3.8-billion, including debt, which strengthens the U.S. shale producer's presence in Canada's Montney basin. Ovintiv, which already owns 9.6 per cent of NuVista, agreed to pay $18 per share and the total consideration will be made up of 50 per cent cash and 50 per cent Ovintiv common stock. The offer represents a 5.6-per-cent premium to NuVista's closing price on Tuesday. Mr. Payne says in a note: "Notably, and to the advantage of shareholders, Ovintiv shares will provide current NuVista shareholders with a position in an investment-grade, dividend-paying, diversified, senior producer. ... The transaction is subject to customary closing conditions."