Ovintiv price target raised to $69 from $59 at National Bank

National Bank analyst Travis Wood raised the firm’s price target on Ovintiv to $69 from $59 and keeps an Outperform rating on the shares. The analyst remains constructive on both crude oil and natural gas supply/demand fundamentals over the short to medium term, while acknowledging the continued concerns surrounding a potential global recession, prolonged periods of inflation hampering demand and the potential for macro contagion.