Ovintiv (NYSE:OVV) Price Target Lowered to $47.00 at Truist Financial

Ovintiv (NYSE:OVV) had its price objective cut by research analysts at Truist Financial from $62.00 to $47.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 22.78% from the company’s current price.

OVV has been the topic of several other reports. Evercore ISI reiterated an “outperform” rating and issued a $60.00 price target on shares of Ovintiv in a report on Wednesday, July 10th. Morgan Stanley reduced their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Wolfe Research began coverage on Ovintiv in a research note on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price objective on the stock. TD Cowen increased their target price on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Finally, Bank of America reaffirmed a “neutral” rating and set a $55.00 target price on shares of Ovintiv in a research report on Friday, June 14th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.00.

Ovintiv Price Performance

Shares of NYSE:OVV traded down $0.09 during mid-day trading on Monday, reaching $38.28. The stock had a trading volume of 276,301 shares, compared to its average volume of 3,076,648. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The business’s 50 day moving average price is $42.11 and its 200 day moving average price is $47.18. The company has a market cap of $10.09 billion, a P/E ratio of 5.35, a price-to-earnings-growth ratio of 7.23 and a beta of 2.62.

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

Institutional Trading of Ovintiv

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised 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 buying an additional 1,024,931 shares during the period. Dimensional Fund Advisors LP lifted its stake in Ovintiv by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock worth $180,194,000 after purchasing an additional 142,296 shares in the last quarter. AQR Capital Management LLC lifted its stake in Ovintiv by 114.9% during the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock worth $141,889,000 after purchasing an additional 1,618,556 shares in the last quarter. Balyasny Asset Management L.P. lifted its stake 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 worth $63,738,000 after purchasing an additional 1,363,865 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Ovintiv by 1.7% during the first quarter. Principal Financial Group Inc. now owns 1,005,797 shares of the company’s stock worth $52,201,000 after purchasing an additional 17,206 shares in the last quarter. 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.