Ovintiv price target lowered to $39 from $42 at Evercore ISI

Evercore ISI analyst Stephen Richardson lowered the firm’s price target on Ovintiv to $39 from $42 and keeps an In Line rating on the shares after making Q2 mark-to-market adjustments. A combination of low expectations, offside positioning, and “better macroeconomic data (if you squint)” could support a “midsummer bump” for energy stocks, the analyst tells investors.