Ovintiv resumed with an Equal Weight at Morgan Stanley

Morgan Stanley resumed coverage of Ovintiv with an Equal Weight rating and $44 price target. Q2 results in oil and gas will be impacted by weaker quarter-over-quarter realizations across oil, natural gas, and natural gas liquids, but this is “generally understood by investors” and should be balanced by strong operations and emerging deflation tailwinds, the firm tells investors in a preview for the group. In that context, the firm says it retains its “constructive, but selective” sector view.