NuVista Energy Ltd. (NVA.TO) was downgraded to Hold from Buy at TD Securities on Tuesday.

Analysts Aaron Bilkoski lowered his price target on shares of the Calgary-based oil and gas company to $17 from $18.

"NuVista has been a strong success story over the past year," Bilkoski said in a note to clients. "It has demonstrated its growth runway, made return-of-capital tweaks that prioritized shareholder returns, and cut capital out of the budget without impacting volumes."

"NuVista's strong field operations and strategic position are now more accurately reflected in its share price," the analyst said. "Due solely to valuation, we are lowering our rating to Hold."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)