Mizuho analyst Nitin Kumar lowered the firm’s price target on Ovintiv to $66 from $70 and keeps a Buy rating on the shares. The analyst reduced net asset values by 5% for the firm’s U.S. oil and gas coverage. This largely reflects lower capital efficiencies for 2023 that are then carried forward over the longer term, the analyst tells investors in a research note. The firm’s top picks in the sector remain Diamondback Energy (FANG), Exxon Mobil (XOM) and Coterra Energy (CTRA). It also removed Pioneer Natural Resources (PXD) from "strong buy" and added PDC Energy (PDCE) to the list, alongside ConocoPhillips (COP), Valero Energy (VLO), Devon Energy (DVN) and Chesapeake Energy (CHK).
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