Ovintiv downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Devin McDermott downgraded Ovintiv (OVV) to Equal Weight from Overweight with a price target of $48, down from $52. The firm is shifting to a more defensive stance in oil exploration and production following the stocks’ outperformance relative to oil over the past two weeks. Oil fundamentals still screen as soft into year end, the analyst tells investors in a research note. Morgan Stanley says Ovintiv shares have outperformed peers by 11% year-to-date.