Ovintiv price target lowered to $55 from $57 at RBC Capital

RBC Capital analyst Greg Pardy lowered the firm’s price target on Ovintiv to $55 from $57 and keeps a Sector Perform rating on the shares. The company’s $4.3B Permian deal is strategically sound and addresses its need to replenish drilling inventory, but is "mixed" on a financial basis as it comes at the cost of a more leveraged balance sheet and mixed per share results, the analyst tells investors in a research note.