Ovintiv price target lowered to $52 from $54 at Wells Fargo

Wells Fargo lowered the firm’s price target on Ovintiv to $52 from $54 and keeps an Equal Weight rating on the shares. The firm expects an in-line print for Q2 with oil/condensate production above the midpoint of Q2 guidance range and no changes to FY24 guidance. Permian well performance trend, shale consolidation likely the focal points this quarter, Wells adds.