07:50 AM EST, 01/03/2025 (MT Newswires) -- U.S. exploration and production companies had a "lackluster performance" in 2024, a repeat of 2023, although there were bright spots, RBC Capital Markets said in a Thursday note.

On a market cap weighted average, RBC said the total investor return was +1% last year, driven by a 2.5% dividend yield and weighed by -1.7% equity returns.

RBC said natural gas-focused stocks stood out at +30% while oily stocks lagged at -5%, both consistent with the underlying commodities.

Meanwhile, M&A remained prominent with nine public deals totaling US$76 billion, below the record US$145 billion in 2023.

RBC mentioned dual-listed Ovintiv ( OVV ) in its note, with the company maintaining its Sector Perform rating and US$40.50 price target.