Ovintiv price target lowered to $47 from $51 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Ovintiv to $47 from $51 and keeps an Equal Weight rating on the shares after updating commodity assumptions to account for Q1 actuals and Q2 strip. Across the firm’s coverage, WTI oil prices are declining 1% in Q1 to reflect actuals and 23% in Q2 to align with the strip. For natural gas, the firm updated Henry Hub downward 13% for Q1 actuals and down 24% on average for the remainder of the year to align with the strip.