Wells Fargo & Company Lowers Ovintiv (NYSE:OVV) Price Target to $42.00

Ovintiv (NYSE:OVV) had its target price cut by stock analysts at Wells Fargo & Company from $51.00 to $42.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 5.18% from the company’s previous close.

OVV has been the topic of a number of other reports. Bank of America reaffirmed a “neutral” rating and set a $55.00 price objective on shares of Ovintiv in a research report on Friday, June 14th. Morgan Stanley decreased their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. TD Cowen upped their target price on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Scotiabank upped their target price on shares of Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Friday, July 12th. Finally, Evercore ISI dropped their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $58.17.

Ovintiv Stock Performance

Shares of NYSE OVV traded up $1.62 during midday trading on Tuesday, hitting $39.93. The company’s stock had a trading volume of 6,186,310 shares, compared to its average volume of 3,106,656. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The firm’s fifty day moving average price is $41.94 and its 200-day moving average price is $47.09. The firm has a market cap of $10.53 billion, a P/E ratio of 5.51, a P/E/G ratio of 7.23 and a beta of 2.62. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95.

Ovintiv (NYSE:OVV) last released its earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $2.53 billion. On average, sell-side analysts forecast that Ovintiv will post 5.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC increased its holdings 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 acquiring an additional 1,618,556 shares in the last quarter. Balyasny Asset Management L.P. increased its position in shares of Ovintiv by 1,560.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock valued at $63,738,000 after purchasing an additional 1,363,865 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after purchasing an additional 1,024,931 shares during the last quarter. Public Employees Retirement Association of Colorado grew its position in Ovintiv by 2,602.0% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 715,158 shares of the company’s stock valued at $31,410,000 after acquiring an additional 688,690 shares during the last quarter. Finally, SIR Capital Management L.P. bought a new position in Ovintiv in the 2nd quarter valued at $22,732,000. 83.81% of the stock is currently owned by institutional investors.

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.