Ovintiv (NYSE:OVV) PT Lowered to $54.00

Ovintiv (NYSE:OVV) had its target price decreased by investment analysts at Evercore ISI from $60.00 to $54.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Evercore ISI’s price target indicates a potential upside of 33.86% from the stock’s previous close.

OVV has been the topic of several other reports. TD Cowen boosted their target price on Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Wolfe Research initiated coverage on Ovintiv in a report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price objective on the stock. Scotiabank increased their price target on Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Friday, July 12th. Morgan Stanley cut their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, Bank of America reissued a “neutral” rating and issued a $55.00 price target on shares of Ovintiv in a research note on Friday, June 14th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.17.

Ovintiv Trading Up 5.3 %

OVV stock opened at $40.34 on Monday. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95. The firm has a market cap of $10.63 billion, a P/E ratio of 5.63, a P/E/G ratio of 7.23 and a beta of 2.62. The business’s 50 day moving average is $41.82 and its 200-day moving average is $47.02. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.22 by $0.02. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Equities analysts anticipate that Ovintiv will post 5.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ovintiv

Hedge funds have recently bought and sold shares of the company. American National Bank acquired a new stake in Ovintiv in the 1st quarter valued at about $27,000. Innealta Capital LLC acquired a new stake in Ovintiv in the 2nd quarter valued at about $39,000. Geneos Wealth Management Inc. lifted its stake in Ovintiv by 53.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after purchasing an additional 300 shares during the last quarter. Creekmur Asset Management LLC acquired a new stake in Ovintiv in the 4th quarter valued at about $68,000. Finally, International Assets Investment Management LLC acquired a new stake in Ovintiv in the 2nd quarter valued at about $69,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.