Ovintiv price target raised to $46 from $42 at Wells Fargo

Wells Fargo analyst Roger Read raised the firm’s price target on Ovintiv (OVV) to $46 from $42 and keeps an Equal Weight rating on the shares. The firm notes the company’s Permian oil production continues to surprise to the upside, reflecting robust well performance and ongoing efficiency improvement. Management’s messaging of a disciplined approach on M&A was well received by investors, Wells adds.