Ovintiv price target raised to $56 from $54 at Truist

Truist raised the firm’s price target on Ovintiv to $56 from $54 and keeps a Buy rating on the shares. The investors should be positive on the company’s $4.3B deal for Midland Basin portfolio companies and the sale of its remaining Bakken assets, the analyst tells investors in a research note. Truist adds that while there may be some push back on the post-deal leverage, the higher net shareholder returns should subside most angst, also stating that the deals provide Ovintiv with a much improved asset runway, alleviating inventory concerns.