Ovintiv (NYSE:OVV) PT Lowered to $58.00

Ovintiv (NYSE:OVV) had its price objective decreased by Mizuho from $60.00 to $58.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price target points to a potential upside of 35.58% from the stock’s previous close.

A number of other research analysts have also commented on the company. Wells Fargo & Company lowered their price target on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 1st. Truist Financial lowered their price target on Ovintiv from $62.00 to $47.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Morgan Stanley lowered their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Citigroup lowered their price target on Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a report on Monday. Finally, Royal Bank of Canada lowered their price target on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a report on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.67.

Ovintiv Stock Performance

OVV stock opened at $42.78 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The stock has a market capitalization of $11.28 billion, a price-to-earnings ratio of 6.03, a PEG ratio of 8.02 and a beta of 2.61. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The stock’s fifty day moving average is $41.42 and its two-hundred day moving average is $46.69.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, beating 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 return on equity of 18.28% and a net margin of 18.56%. On average, research analysts predict that Ovintiv will post 4.9 EPS for the current year.

Hedge Funds Weigh In On Ovintiv

Institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC boosted its position in Ovintiv by 114.9% during the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock worth $141,889,000 after acquiring an additional 1,618,556 shares during the period. Vanguard Group Inc. boosted its position in Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after acquiring an additional 1,024,931 shares during the period. SIR Capital Management L.P. acquired a new stake in Ovintiv during the 2nd quarter worth about $22,732,000. SG Americas Securities LLC boosted its position in Ovintiv by 6,830.6% during the 1st quarter. SG Americas Securities LLC now owns 411,054 shares of the company’s stock worth $21,334,000 after acquiring an additional 405,123 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Ovintiv by 338.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 445,187 shares of the company’s stock worth $20,866,000 after acquiring an additional 343,709 shares during the period. 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.