Ovintiv (NYSE:OVV) Price Target Cut to $42.00 by Analysts at Wells Fargo & Company

Ovintiv (NYSE:OVV) had its target price lowered by Wells Fargo & Company from $48.00 to $42.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 10.50% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Morgan Stanley decreased their target price on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Barclays raised their price objective on Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Scotiabank lifted their price objective on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday, November 18th. Truist Financial increased their target price on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, JPMorgan Chase & Co. dropped their price target on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.59.

Ovintiv Trading Down 2.5 %

Shares of Ovintiv stock opened at $38.01 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The firm has a 50-day moving average of $42.11 and a 200-day moving average of $43.35. Ovintiv has a 52-week low of $36.90 and a 52-week high of $55.95. The stock has a market cap of $9.89 billion, a PE ratio of 5.04 and a beta of 2.63.

Hedge Funds Weigh In On Ovintiv

Large investors have recently bought and sold shares of the company. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after purchasing an additional 1,207,610 shares during the last quarter. Pacer Advisors Inc. increased its position in Ovintiv by 11,282.4% in the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after acquiring an additional 6,486,159 shares during the period. Smead Capital Management Inc. raised its stake in shares of Ovintiv by 3.5% during the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock valued at $241,476,000 after acquiring an additional 212,535 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Ovintiv by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock worth $173,296,000 after purchasing an additional 205,409 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Ovintiv by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock worth $180,194,000 after purchasing an additional 142,296 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

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.