Citigroup Issues Pessimistic Forecast for Ovintiv (NYSE:OVV) Stock Price

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

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company cut their target price on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 1st. JPMorgan Chase & Co. cut their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. UBS Group lifted their price objective on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Royal Bank of Canada dropped their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a report on Thursday, August 1st. Finally, Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.65.

Ovintiv Price Performance

OVV stock opened at $45.49 on Tuesday. The business has a fifty day moving average of $41.74 and a two-hundred day moving average of $44.14. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock 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 52-week low of $36.90 and a 52-week high of $55.95.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. True Wealth Design LLC increased its holdings in shares of Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after purchasing an additional 636 shares during the period. Innealta Capital LLC purchased a new stake in shares of Ovintiv in the second quarter valued at approximately $39,000. UMB Bank n.a. boosted its stake in shares of Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after buying an additional 286 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Ovintiv in the second quarter valued at approximately $69,000. Finally, Transamerica Financial Advisors Inc. purchased a new stake in shares of Ovintiv in the third quarter valued at approximately $65,000. Institutional investors and hedge funds 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.