Ovintiv (NYSE:OVV) Price Target Lowered to $54.00 at Citigroup

Ovintiv (NYSE:OVV) had its price target cut by research analysts at Citigroup from $55.00 to $54.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 18.71% from the stock’s current price.

OVV has been the topic of several other reports. UBS Group upped their price objective on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Morgan Stanley reduced their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Mizuho reduced their price objective on Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. JPMorgan Chase & Co. reduced their price objective on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Finally, Barclays upped their price objective on Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.65.

Ovintiv Stock Down 0.5 %

OVV opened at $45.49 on Tuesday. The business’s fifty day moving average is $41.74 and its two-hundred day moving average is $44.14. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market cap of $11.84 billion, a price-to-earnings ratio of 6.03 and a beta of 2.62. Ovintiv has a one year low of $36.90 and a one year high of $55.95.

Institutional Investors Weigh In On Ovintiv

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC increased its stake in Ovintiv by 17.2% during the third 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 last quarter. Pacer Advisors Inc. boosted its position in shares of Ovintiv by 11,282.4% in the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after buying an additional 6,486,159 shares during the period. Smead Capital Management Inc. boosted its position in shares of Ovintiv by 3.5% in the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after buying an additional 212,535 shares during the period. Geode Capital Management LLC boosted its position in shares of Ovintiv by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock worth $173,296,000 after buying an additional 205,409 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Ovintiv by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock worth $180,194,000 after buying an additional 142,296 shares during the period. 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.