Truist Financial Lowers Ovintiv (NYSE:OVV) Price Target to $47.00

Ovintiv (NYSE:OVV) had its target price cut by analysts at Truist Financial from $62.00 to $47.00 in a report released on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price indicates a potential upside of 16.51% from the stock’s current price.

A number of other equities research analysts have also commented on the company. Royal Bank of Canada dropped their target price on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. Morgan Stanley cut their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. JPMorgan Chase & Co. lowered their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Bank of America restated a “neutral” rating and set a $55.00 target price on shares of Ovintiv in a report on Friday, June 14th. Finally, TD Cowen upped their price objective on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 10th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and an average price target of $58.17.

Ovintiv Stock Up 5.3 %

Ovintiv stock opened at $40.34 on Monday. The business has a fifty day moving average of $41.82 and a two-hundred day moving average 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 firm has a market cap of $10.63 billion, a P/E ratio of 5.63, a P/E/G ratio of 7.23 and a beta of 2.62. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. On average, analysts forecast that Ovintiv will post 5.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ovintiv

Several large investors have recently bought and sold shares of OVV. Vanguard Group Inc. boosted its stake in Ovintiv by 3.8% in the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after acquiring an additional 1,024,931 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Ovintiv by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock valued at $180,194,000 after buying an additional 142,296 shares in the last quarter. AQR Capital Management LLC increased its holdings in Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after buying an additional 1,618,556 shares in the last quarter. Balyasny Asset Management L.P. increased its stake in shares of Ovintiv by 1,560.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock worth $63,738,000 after purchasing an additional 1,363,865 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Ovintiv by 1.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,005,797 shares of the company’s stock worth $52,201,000 after purchasing an additional 17,206 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.