Ovintiv (NYSE:OVV) PT Lowered to $54.00

Ovintiv (NYSE:OVV) had its price target lowered by stock analysts at Evercore ISI from $60.00 to $54.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Evercore ISI’s price objective points to a potential upside of 40.92% from the company’s current price.

Several other equities research analysts have also recently issued reports on OVV. TD Cowen lifted their price objective on Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Bank of America reissued a “neutral” rating and issued a $55.00 price objective on shares of Ovintiv in a report on Friday, June 14th. UBS Group lowered their target price on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Wolfe Research started coverage on Ovintiv in a research report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price target for the company. Finally, Wells Fargo & Company cut their price target on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. 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, Ovintiv has a consensus rating of “Moderate Buy” and an average target price of $58.67.

Ovintiv Stock Performance

OVV traded down $0.05 on Monday, reaching $38.32. 1,008,961 shares of the stock were exchanged, compared to its average volume of 3,080,546. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The company’s 50-day moving average price is $42.11 and its 200 day moving average price is $47.18. The firm has a market capitalization of $10.10 billion, a PE ratio of 5.35, a PEG ratio of 7.23 and a beta of 2.62. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, beating the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. As a group, sell-side analysts forecast that Ovintiv will post 5.26 EPS for the current fiscal year.

Institutional Trading of Ovintiv

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its stake in shares of Ovintiv by 114.9% during the second 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 period. Balyasny Asset Management L.P. lifted its position in Ovintiv by 1,560.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock valued at $63,738,000 after buying an additional 1,363,865 shares in the last quarter. Vanguard Group Inc. grew its stake in Ovintiv by 3.8% during the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after buying an additional 1,024,931 shares during the period. Public Employees Retirement Association of Colorado increased its position in shares of Ovintiv by 2,602.0% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 715,158 shares of the company’s stock worth $31,410,000 after acquiring an additional 688,690 shares in the last quarter. Finally, SIR Capital Management L.P. acquired a new position in shares of Ovintiv during the 2nd quarter valued at $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.