Ovintiv price target lowered to $53 from $79 at TD Cowen

TD Cowen analyst Gabe Daoud lowered the firm’s price target on Ovintiv to $53 from $79 and keeps an Outperform rating on the shares. The analyst noted they announced a 4.3B acquisition of Permian properties from EnCap alongside a Bakken exit for 825MM to help financing. The well productivity screens attractive particularly in Martin County and most of the acreage is undeveloped supporting significant inventory adds; key will be maintaining productivity once full-field / cube development commences.