Morgan Stanley analyst Devin McDermott downgraded Ovintiv to Equal Weight from Overweight with a price target of $51, down from $60. About 50% of the company’s production is natural gas, and over the past few weeks prices have corrected significantly lower, the analyst tells investors in a research note. The firm expects this to pressure Ovintiv’s cash flow and is also forecasting an above-average increase in capex for 2023.
Published first on TheFly
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