Ovintiv price target lowered to $55 from $58 at Citi

Citi lowered the firm’s price target on Ovintiv to $55 from $58 and keeps a Buy rating on the shares. The firm reduced estimates to reflect lower gas realizations. Despite some negative sentiment around the name, Ovintiv’s operations appear to be going well, with management continuing to maintain Permian well productivity guidance and we see potential to reach the top end of the production guide in the basin, the analyst tells investors in a research note.