Evercore ISI Lowers Ovintiv (NYSE:OVV) Price Target to $54.00

Ovintiv (NYSE:OVV) had its price objective dropped by research analysts at Evercore ISI from $60.00 to $54.00 in a report released on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s target price points to a potential upside of 40.92% from the company’s previous close.

Several other brokerages also recently commented on OVV. Bank of America reiterated a “neutral” rating and set a $55.00 target price on shares of Ovintiv in a research note on Friday, June 14th. JPMorgan Chase & Co. reduced their price objective on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Morgan Stanley lowered 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. Wells Fargo & Company reduced their price target on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Finally, UBS Group dropped their target price on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Ovintiv has an average rating of “Moderate Buy” and an average target price of $58.67.

Ovintiv Trading Down 0.1 %

Shares of Ovintiv stock traded down $0.05 during trading on Monday, reaching $38.32. 1,008,961 shares of the stock were exchanged, compared to its average volume of 3,080,546. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The firm has a market cap of $10.10 billion, a price-to-earnings ratio of 5.35, a price-to-earnings-growth ratio of 7.23 and a beta of 2.62. The stock’s fifty day moving average is $42.11 and its 200 day moving average is $47.18.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. As a group, equities research analysts expect that Ovintiv will post 5.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ovintiv

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of 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 in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Ovintiv by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock valued at $180,194,000 after purchasing an additional 142,296 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Ovintiv by 114.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock worth $141,889,000 after purchasing an additional 1,618,556 shares in the last quarter. Balyasny Asset Management L.P. boosted its position in shares of Ovintiv by 1,560.9% in 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 position in Ovintiv by 1.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,005,797 shares of the company’s stock valued at $52,201,000 after buying an additional 17,206 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.