Ovintiv price target raised to $57 from $54 at Wells Fargo

Wells Fargo raised the firm’s price target on Ovintiv to $57 from $54 and keeps an Equal Weight rating on the shares. Based on robust operational momentum, the firm sees potential upside to FY24 U.S. onshore oil production estimate, translating to another year of higher-than-expected U.S. supply growth. Continued D&C efficiency improvements, incremental cost deflation, and a focus on high grading should combine to create positive momentum throughout 2024, Wells adds.