JPMorgan Chase & Co. Issues Pessimistic Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its target price cut by investment analysts at JPMorgan Chase & Co. from $56.00 to $45.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 11.11% from the company’s previous close.

OVV has been the topic of a number of other reports. Wells Fargo & Company decreased their price objective on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a report on Tuesday, December 17th. Mizuho dropped their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Williams Trading set a $58.00 price objective on Ovintiv in a research report on Wednesday, March 5th. UBS Group dropped their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Finally, Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and dropped their target price for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.61.

Ovintiv Stock Up 4.6 %

OVV stock opened at $40.50 on Thursday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $10.54 billion, a PE ratio of 5.37 and a beta of 2.55. Ovintiv has a 1-year low of $36.62 and a 1-year high of $55.95. The business’s 50 day simple moving average is $42.87 and its 200 day simple moving average is $41.85.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds have recently added to or reduced their stakes in the company. True Wealth Design LLC lifted 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 in the last quarter. Colonial Trust Co SC purchased a new position in shares of Ovintiv in the fourth quarter valued at $28,000. MassMutual Private Wealth & Trust FSB grew its position in shares of Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after purchasing an additional 360 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of Ovintiv by 71.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after purchasing an additional 335 shares in the last quarter. Finally, Mizuho Bank Ltd. purchased a new position in Ovintiv during the fourth quarter worth about $40,000. Institutional investors and hedge funds 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.