Wells Fargo analyst Roger Read maintains $Ovintiv (OVV.US)$ with a hold rating, and adjusts the target price from $51 to $42.
According to TipRanks data, the analyst has a success rate of 54.2% and a total average return of 7.4% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Ovintiv (OVV.US)$'s main analysts recently are as follows:
The exploration and production group has seen adjustments in estimates to mirror updated commodity price projections and investment outlooks. While long-term oil and gas price expectations continue to stand at $80 for Brent and $3.50 for Henry Hub, the sector could maintain enhanced capital efficiency into 2025 if operational efficiency gains are sustained and service costs continue to decrease. This scenario has the potential to balance out the effects of resource maturity.
Amid a globally coordinated easing cycle, energy commodities and equities could potentially remain unaffected due to challenging fundamentals and a projected 2025 imbalance. However, there is a belief that the risks in the crude oil market lean towards the upside. With the quarter's end approaching, expectations are set for updates that may reveal lower than anticipated near-term estimates.
Note:
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