Ovintiv (NYSE:OVV) PT Lowered to $57.00

Ovintiv (NYSE:OVV) had its price objective dropped by equities research analysts at UBS Group from $61.00 to $57.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s target price would indicate a potential upside of 42.96% from the stock’s previous close.

A number of other research analysts have also issued reports on the stock. TD Cowen increased their target price on shares of Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Wolfe Research began coverage on Ovintiv in a research report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price target on the stock. Scotiabank lifted their price objective on Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a report on Friday, July 12th. Royal Bank of Canada reduced their target price on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a report on Thursday, August 1st. Finally, Morgan Stanley dropped their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $59.83.

Ovintiv Stock Performance

OVV traded down $0.06 during trading on Wednesday, hitting $39.87. The stock had a trading volume of 252,932 shares, compared to its average volume of 2,966,256. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The company has a 50 day moving average price of $43.46 and a 200-day moving average price of $47.76. Ovintiv has a one year low of $37.81 and a one year high of $55.95. The firm has a market cap of $10.51 billion, a price-to-earnings ratio of 5.57, a P/E/G ratio of 6.24 and a beta of 2.62.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. As a group, research analysts predict that Ovintiv will post 5.81 EPS for the current year.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently added to or reduced their stakes in OVV. Westfield Capital Management Co. LP boosted its stake in shares of Ovintiv by 3.2% in the 4th quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock valued at $63,563,000 after purchasing an additional 44,241 shares during the last quarter. TD Asset Management Inc boosted its position in Ovintiv by 176.3% during the fourth 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 grew its holdings in Ovintiv by 25.0% during 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 acquiring an additional 106,900 shares during the period. FORA Capital LLC bought a new position in shares of Ovintiv in the 1st quarter worth about $4,244,000. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of Ovintiv in the 1st quarter valued at about $1,149,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.