Ovintiv (NYSE:OVV) Given New $54.00 Price Target at Citigroup

Ovintiv (NYSE:OVV) had its target price decreased by research analysts at Citigroup from $55.00 to $54.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 18.79% from the stock’s previous close.

OVV has been the topic of several other research reports. UBS Group lifted their price objective on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Wells Fargo & Company lowered their price objective on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 1st. JPMorgan Chase & Co. decreased their target price on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Evercore ISI lowered their price target on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Finally, Truist Financial boosted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $56.65.

Ovintiv Price Performance

Shares of NYSE OVV traded down $0.29 during midday trading on Tuesday, hitting $45.46. 435,469 shares of the company’s stock were exchanged, compared to its average volume of 3,076,786. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. The company has a market cap of $11.83 billion, a price-to-earnings ratio of 6.03 and a beta of 2.62. The business’s fifty day moving average price is $41.51 and its two-hundred day moving average price is $44.16.

Institutional Trading of Ovintiv

Institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio grew its stake in shares of Ovintiv by 31.2% during the first quarter. Public Employees Retirement System of Ohio now owns 157,095 shares of the company’s stock valued at $8,153,000 after buying an additional 37,349 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in Ovintiv during the 1st quarter valued at $1,149,000. B. Riley Wealth Advisors Inc. purchased a new stake in Ovintiv in the first quarter worth $396,000. Tidal Investments LLC lifted its position in shares of Ovintiv by 7.0% during the first quarter. Tidal Investments LLC now owns 7,648 shares of the company’s stock worth $397,000 after purchasing an additional 497 shares during the last quarter. Finally, Plato Investment Management Ltd bought a new position in shares of Ovintiv in the first quarter worth about $617,000. Institutional investors own 83.81% of the company’s stock.

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.