Ovintiv (NYSE:OVV) PT Lowered to $61.00

Ovintiv (NYSE:OVV) had its price objective lowered by investment analysts at UBS Group from $66.00 to $61.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s target price suggests a potential upside of 43.80% from the stock’s previous close.

Several other analysts have also issued reports on OVV. Wells Fargo & Company lowered their price target on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. TD Cowen lifted their price target on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Royal Bank of Canada dropped their price objective on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a report on Thursday, August 1st. Jefferies Financial Group lifted their target price on Ovintiv from $59.00 to $69.00 and gave the company a “buy” rating in a report on Friday, April 12th. Finally, Truist Financial increased 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 research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.56.

Ovintiv Stock Down 0.1 %

Ovintiv stock traded down $0.06 during trading on Friday, hitting $42.42. 245,063 shares of the company were exchanged, compared to its average volume of 3,048,025. The company has a current ratio of 0.44, a quick ratio of 0.52 and a debt-to-equity ratio of 0.47. The business’s 50 day moving average is $46.50 and its 200 day moving average is $48.10. Ovintiv has a 52 week low of $38.99 and a 52 week high of $55.95. The company has a market capitalization of $11.33 billion, a P/E ratio of 5.92, a PEG ratio of 7.30 and a beta of 2.63.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.58 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Analysts predict that Ovintiv will post 5.69 earnings per share for the current year.

Insiders Place Their Bets

In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Steven W. Nance sold 12,000 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the transaction, the director now directly owns 8,929 shares of the company’s stock, valued at $446,450. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the sale, the director now directly owns 45,279 shares in the company, valued at $2,315,568.06. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Hedge funds and other institutional investors have recently bought and sold shares of the business. Oppenheimer Asset Management Inc. raised its holdings in Ovintiv by 17.7% in the second quarter. Oppenheimer Asset Management Inc. now owns 20,090 shares of the company’s stock worth $942,000 after buying an additional 3,027 shares during the last quarter. Federated Hermes Inc. lifted its stake in Ovintiv by 3.8% during the 2nd quarter. Federated Hermes Inc. now owns 145,223 shares of the company’s stock valued at $6,807,000 after acquiring an additional 5,323 shares during the period. Meeder Advisory Services Inc. lifted its stake in Ovintiv by 54.0% during the 2nd quarter. Meeder Advisory Services Inc. now owns 6,764 shares of the company’s stock valued at $317,000 after acquiring an additional 2,373 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in shares of Ovintiv by 7.5% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 32,813 shares of the company’s stock valued at $1,525,000 after acquiring an additional 2,295 shares during the last quarter. Finally, Qsemble Capital Management LP lifted its holdings in shares of Ovintiv by 201.1% during the 2nd quarter. Qsemble Capital Management LP now owns 66,492 shares of the company’s stock valued at $3,116,000 after buying an additional 44,410 shares during the period. 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.