Ovintiv price target lowered to $59 from $67 at Mizuho

Mizuho analyst Nitin Kumar lowered the firm’s price target on Ovintiv to $59 from $67 and keeps a Buy rating on the shares. The firm enters 2024 with a preference for more defensive stock selection in oil and gas. It downgraded eight stocks, while upgrading three. Mizuho’s top picks for 2024 are Chevron (CVX), Coterra Energy (CTRA) and Civitas Resources (CIVI). It maintains a Buy rating on Diamondback Energy (FANG), but removed the stock from the top pick list.