Ovintiv (NYSE:OVV) Price Target Cut to $42.00 by Analysts at Wells Fargo & Company

Ovintiv (NYSE:OVV) had its price objective cut by Wells Fargo & Company from $48.00 to $42.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 9.46% from the company’s previous close.

A number of other research firms have also issued reports on OVV. Barclays upped their target price on shares of Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Citigroup dropped their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. JPMorgan Chase & Co. decreased their target price on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Mizuho cut their price target on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday. Finally, Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $56.59.

Ovintiv Price Performance

Shares of Ovintiv stock traded down $1.40 during mid-day trading on Tuesday, reaching $38.37. 227,761 shares of the stock traded hands, compared to its average volume of 3,058,159. The stock has a market capitalization of $9.99 billion, a PE ratio of 5.09 and a beta of 2.63. The business has a 50-day moving average of $42.25 and a 200 day moving average of $43.48. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Hedge Funds Weigh In On Ovintiv

Hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. grew its stake in shares of Ovintiv by 11,282.4% in the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after purchasing an additional 6,486,159 shares during the last quarter. AQR Capital Management LLC grew its position in Ovintiv by 114.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after buying an additional 1,618,556 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Ovintiv by 7,422.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock valued at $52,064,000 after buying an additional 1,340,947 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of Ovintiv by 17.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after acquiring an additional 1,207,610 shares during the period. Finally, SIR Capital Management L.P. acquired a new position in shares of Ovintiv during the second quarter worth about $22,732,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

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.