Ovintiv (NYSE:OVV) Price Target Cut to $55.00

Ovintiv (NYSE:OVV) had its price objective dropped by research analysts at Citigroup from $58.00 to $55.00 in a research note issued to investors on Monday, MarketBeat reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 31.45% from the stock’s previous close.

A number of other analysts have also issued reports on OVV. UBS Group cut their price target on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Truist Financial cut their price target on shares of Ovintiv from $62.00 to $47.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Evercore ISI cut their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. Wolfe Research began coverage on shares of Ovintiv in a research note on Thursday, July 18th. They set an “outperform” rating and a $65.00 target price on the stock. Finally, Morgan Stanley cut 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 note on Monday, September 16th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

Ovintiv Stock Down 3.8 %

Shares of NYSE:OVV opened at $41.84 on Monday. 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 firm has a market capitalization of $11.03 billion, a PE ratio of 5.84, a price-to-earnings-growth ratio of 7.75 and a beta of 2.61. The firm’s 50-day moving average is $41.59 and its two-hundred day moving average is $46.79. Ovintiv has a 1 year low of $36.90 and a 1 year 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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. Analysts predict that Ovintiv will post 4.98 EPS for the current year.

Hedge Funds Weigh In On Ovintiv

Hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its holdings in shares of Ovintiv by 7.5% during the first quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock worth $165,000 after purchasing an additional 220 shares during the period. Covestor Ltd lifted its holdings in Ovintiv by 23.1% in the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock valued at $81,000 after acquiring an additional 293 shares during the period. Geneos Wealth Management Inc. lifted its holdings in Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after acquiring an additional 300 shares during the period. Blue Trust Inc. lifted its holdings in Ovintiv by 24.0% in the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock valued at $93,000 after acquiring an additional 347 shares during the period. Finally, Cetera Investment Advisers lifted its holdings in Ovintiv by 1.0% in the second quarter. Cetera Investment Advisers now owns 37,466 shares of the company’s stock valued at $1,756,000 after acquiring an additional 353 shares during the period. 83.81% of the stock is currently owned by hedge funds and other 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.