Ovintiv (NYSE:OVV) PT Lowered to $54.00

Ovintiv (NYSE:OVV) had its target price dropped by investment analysts at Evercore ISI from $60.00 to $54.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s target price would suggest a potential upside of 33.86% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the stock. Wolfe Research started coverage on shares of Ovintiv in a research report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price objective for the company. Morgan Stanley cut their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. UBS Group lowered their target price on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. 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. Finally, Truist Financial lowered their target price on shares of Ovintiv from $62.00 to $47.00 and set a “buy” rating on the stock in a report on Monday. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $58.17.

Ovintiv Trading Up 5.3 %

Shares of OVV stock opened at $40.34 on Monday. The firm has a 50 day moving average price of $41.82 and a two-hundred day moving average price of $47.02. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $10.63 billion, a PE ratio of 5.63, a price-to-earnings-growth ratio of 7.23 and a beta of 2.62. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. American National Bank bought a new position in Ovintiv in the first quarter valued at approximately $27,000. Innealta Capital LLC bought a new position in Ovintiv in the second quarter valued at approximately $39,000. Geneos Wealth Management Inc. increased its stake in Ovintiv by 53.4% in the first 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. Creekmur Asset Management LLC bought a new position in Ovintiv in the fourth quarter valued at approximately $68,000. Finally, International Assets Investment Management LLC bought a new position in Ovintiv in the second quarter valued at approximately $69,000. 83.81% of the stock is owned by 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.