The Globe and Mail reports in its Tuesday, Dec. 12, edition that Citi analyst Scott Gruber has reaffirmed his "buy" recommendation for Ovintiv. The Globe's David Leeder writes in the Eye On Equities column that Mr. Gruber continues to target the shares at $52 (U.S.). Analysts on average target the shares at $57.25 (U.S.). The Globe says Mr. Gruber thinks the macro backdrop for North American energy exploration and production companies "appears challenging" heading into 2024. Mr. Gruber says Ovintiv is one of his top large-cap picks for the year ahead. He points to Ovintiv's "improving operational efficiency and under-appreciated portfolio." Mr. Gruber says in a note: "Ovintiv appears set to demonstrate better capital efficiency, while we also foresee better appreciation for the company's portfolio unfolding in 2024. The waters will likely be muddied on capital efficiency given the Midland acquisition in 2023 and transitioning that asset from growth to maintenance. However we foresee an uplift in average Midland well productivity as Ovintiv designs and executes the D&C program on the new acreage. ... We think the U.S. oil position is solid post the Midland acquisition and given its position in the Uinta."