Ovintiv price target raised to $58 from $50 at CIBC

CIBC raised the firm’s price target on Ovintiv to $58 from $50 and keeps a Neutral rating on the shares. The analyst continues to expect capital allocation across the plays to focus on the Permian, Montney and Uinta. The firm suspects the Permian will continue to see robust capex given current strong economics from the other basins.