Ovintiv price target lowered to $49 from $51 at Wells Fargo

Wells Fargo lowered the firm’s price target on Ovintiv to $49 from $51 and keeps an Equal Weight rating on the shares. The analyst updated exploration and production price targets post the Q3 results. While most operators highlighted operational efficiency improvements, Wells continues to see divergent well performance and asset quality among oil operators, reflected by an expectation for capital efficiency trends to bifurcate heading into 2024, the analyst tells investors in a research note. The firm trimmed price targets, primarily driven by downward revisions to cost deflation assumptions.