Evercore analyst Stephen Richardson maintains $Ovintiv (OVV.US)$ with a buy rating, and adjusts the target price from $60 to $54.
According to TipRanks data, the analyst has a success rate of 56.5% and a total average return of 7.9% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Ovintiv (OVV.US)$'s main analysts recently are as follows:
The adjustment of estimates in the exploration and production sector is reflective of updated commodity price projections and investment forecasts. Long-term expectations for Brent and Henry Hub prices continue at $80 and $3.50, respectively. Should operational efficiency gains be maintained and service costs decrease further, exploration and production companies could uphold robust capital efficiency into 2025, potentially balancing the effects of resource maturity.
Amid a globally coordinated easing cycle, energy commodities and equities may remain unaffected due to challenging fundamentals and a potential imbalance looming in 2025. Nonetheless, it is suggested that opposing the central banks' directives may not be advisable, and that the crude oil market risks appear to be tilted towards the upside. In the short term, with the quarter's end approaching, expectations are being set for updates that could indicate a decline in near-term estimates.
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