Ovintiv (NYSE:OVV) PT Lowered to $42.00

Ovintiv (NYSE:OVV) had its price target cut by equities researchers at Wells Fargo & Company from $51.00 to $42.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 5.18% from the stock’s current price.

A number of other brokerages also recently issued reports on OVV. Truist Financial lowered their price objective on Ovintiv from $62.00 to $47.00 and set a “buy” rating on the stock in a research report on Monday. Morgan Stanley reduced their target price on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. TD Cowen raised their target price on shares of Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, June 10th. JPMorgan Chase & Co. dropped their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Finally, Wolfe Research assumed coverage on shares of Ovintiv in a research report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 target price for the company. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $58.17.

Ovintiv Stock Up 4.2 %

Shares of NYSE OVV traded up $1.62 during mid-day trading on Tuesday, reaching $39.93. 6,186,310 shares of the company’s stock traded hands, compared to its average volume of 3,106,656. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95. The stock has a market cap of $10.53 billion, a P/E ratio of 5.51, a PEG ratio of 7.23 and a beta of 2.62. 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 business has a 50-day simple moving average of $41.94 and a 200 day simple moving average of $47.09.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American National Bank purchased a new position in Ovintiv during the 1st quarter valued at about $27,000. Innealta Capital LLC acquired a new stake in shares of Ovintiv during the 2nd quarter valued at approximately $39,000. Geneos Wealth Management Inc. grew its stake in Ovintiv by 53.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after acquiring an additional 300 shares during the last quarter. Atlas Capital Advisors LLC purchased a new position in shares of Ovintiv during the 1st quarter worth approximately $74,000. Finally, International Assets Investment Management LLC purchased a new position in shares of Ovintiv during the 2nd quarter worth approximately $69,000. Hedge funds and other 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.