Wells Fargo & Company Lowers Ovintiv (NYSE:OVV) Price Target to $42.00

Ovintiv (NYSE:OVV) had its price target decreased by stock analysts at Wells Fargo & Company from $51.00 to $42.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 1.82% from the stock’s current price.

OVV has been the topic of a number of other research reports. Morgan Stanley cut their price target 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. Scotiabank boosted their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a report on Friday, July 12th. Wolfe Research began coverage on shares of Ovintiv in a report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 target price on the stock. Evercore ISI decreased their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday. Finally, Bank of America restated a “neutral” rating and issued a $55.00 price target on shares of Ovintiv in a research note on Friday, June 14th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and a consensus target price of $58.17.

Ovintiv Trading Up 2.3 %

OVV opened at $41.25 on Tuesday. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. Ovintiv has a 52 week low of $36.90 and a 52 week high of $55.95. The stock has a market cap of $10.87 billion, a PE ratio of 5.76, a PEG ratio of 6.82 and a beta of 2.62. The business has a 50 day moving average of $41.73 and a 200-day moving average of $46.98.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.22 by $0.02. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. Equities research analysts predict that Ovintiv will post 5.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently made changes to their positions in OVV. TD Asset Management Inc lifted its holdings in shares of Ovintiv by 176.3% in the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock valued at $2,027,000 after acquiring an additional 29,449 shares during the last quarter. Wedge Capital Management L L P NC boosted its holdings in shares of Ovintiv by 25.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after purchasing an additional 106,900 shares during the period. Quarry LP increased its position in shares of Ovintiv by 89.1% during the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock valued at $1,917,000 after purchasing an additional 19,272 shares during the last quarter. FORA Capital LLC bought a new stake in Ovintiv in the first quarter worth $4,244,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in Ovintiv during the first quarter valued at $1,149,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

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.