Ovintiv (NYSE:OVV) Price Target Raised to $59.00

Ovintiv (NYSE:OVV) had its price objective increased by investment analysts at Barclays from $57.00 to $59.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s target price would suggest a potential upside of 33.51% from the stock’s current price.

OVV has been the topic of a number of other research reports. Mizuho cut their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Scotiabank upped their price target on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research note on Monday, November 18th. Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. UBS Group dropped their target price on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Finally, Citigroup decreased their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.94.

Ovintiv Stock Up 0.8 %

Shares of NYSE OVV opened at $44.19 on Thursday. The firm’s fifty day moving average is $42.59 and its 200 day moving average is $42.35. Ovintiv has a 52 week low of $36.90 and a 52 week high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market cap of $11.50 billion, a price-to-earnings ratio of 5.86 and a beta of 2.63.

Ovintiv (NYSE:OVV) last posted its earnings results on Thursday, November 7th. The company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.76. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. The company had revenue of $2.32 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same period last year, the firm earned $1.74 earnings per share. On average, equities research analysts expect that Ovintiv will post 5.58 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. True Wealth Design LLC boosted its holdings in shares of Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after buying an additional 636 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in shares of Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after acquiring an additional 360 shares during the period. UMB Bank n.a. increased its stake in shares of Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after purchasing an additional 286 shares in the last quarter. Transamerica Financial Advisors Inc. purchased a new position in Ovintiv during the third quarter valued at $65,000. Finally, Covestor Ltd increased its position in Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after buying an additional 560 shares in the last quarter. 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.