Ovintiv (NYSE:OVV) PT Lowered to $51.00

Ovintiv (NYSE:OVV) had its target price cut by equities researchers at Morgan Stanley from $53.00 to $51.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 27.72% from the company’s previous close.

OVV has been the topic of a number of other research reports. 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. Scotiabank upped their price objective on Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Friday, July 12th. Wolfe Research began coverage on shares of Ovintiv in a research report on Thursday, July 18th. They set an “outperform” rating and a $65.00 target price on the stock. Bank of America restated a “neutral” rating and issued a $55.00 price target on shares of Ovintiv in a research report on Friday, June 14th. Finally, Truist Financial lifted their price target on shares of Ovintiv from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $60.06.

Ovintiv Stock Up 2.0 %

Shares of NYSE OVV opened at $39.93 on Monday. The company has a market cap of $10.53 billion, a price-to-earnings ratio of 5.58, a PEG ratio of 6.24 and a beta of 2.62. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. Ovintiv has a 12 month low of $37.81 and a 12 month high of $55.95. The stock has a 50-day moving average price of $43.46 and a two-hundred day moving average price of $47.76.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (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 during the quarter, compared to analysts’ expectations of $2.53 billion. As a group, analysts forecast that Ovintiv will post 5.81 earnings per share for the current fiscal year.

Institutional Trading of Ovintiv

Several hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC increased 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 in the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of 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 acquiring an additional 1,363,865 shares in the last quarter. Vanguard Group Inc. raised its position in shares of 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 purchasing an additional 1,024,931 shares during the period. Public Employees Retirement Association of Colorado lifted its holdings in shares of 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 worth $31,410,000 after purchasing an additional 688,690 shares in the last quarter. Finally, SIR Capital Management L.P. acquired a new stake in Ovintiv in the 2nd quarter valued at $22,732,000. Institutional investors own 83.81% of the company’s stock.

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.