Oil Prices Surge: U.S. Shale Stocks Gain ₩1.4 Trillion in Market Value in One Day

On the 29th, U.S. shale producer Ovintiv Inc. (NYSE: OVV) jumped 5.17% on the New York Stock Exchange, closing at $61.48 with trading volume of about 1.95 million shares.
That single-day gain added approximately $950 million to its market capitalization—roughly KRW 1.4 trillion.

UBS reaffirmed its Buy rating on Ovintiv and maintained a $75 price target, citing a 30–55% upside potential driven by a revaluation of its Montney assets.

The company is in the midst of a portfolio reshuffle, having acquired Canada’s NuVista Energy with a mix of cash and stock, and divested its Anadarko assets in Oklahoma for about $2.9 billion. Ovintiv has also scheduled its Q1 earnings release and conference call for May 12.

Headquartered in Denver, Ovintiv is a mid-size North American exploration and production company focused on oil and natural gas. Formerly part of Canada’s Encana, it reorganized around its U.S. operations in 2020 and adopted its current name.

Its principal producing regions are the U.S. Permian Basin and Canada’s Montney formation. Through a multi-basin portfolio spanning the U.S. and Canada, Ovintiv holds diverse assets in oil, natural gas, and liquefied natural gas.