Evercore ISI Forecasts Strong Price Appreciation for Ovintiv (NYSE:OVV) Stock

Key Points

• Evercore ISI has increased its target price for Ovintiv (NYSE:OVV) from $42.00 to $43.00, indicating a potential upside of 7.12% from the stock's previous close.
• Multiple research firms have varied opinions on Ovintiv, with ratings ranging from "Strong Buy" to "Sell", reflecting a mixed outlook among analysts.
• The company has a market cap of $10.32 billion and reported $1.02 EPS for the last quarter, slightly missing the consensus estimate of $1.04.

Ovintiv (NYSE:OVV - Get Free Report) had its target price upped by research analysts at Evercore ISI from $42.00 to $43.00 in a research note issued on Monday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Evercore ISI's price target indicates a potential upside of 7.12% from the company's previous close.

A number of other research firms also recently commented on OVV. Mizuho dropped their price target on shares of Ovintiv from $58.00 to $50.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. UBS Group upped their price objective on Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Scotiabank boosted their price target on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. Barclays lifted their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Finally, The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and raised their target price for the stock from $47.00 to $51.00 in a report on Tuesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $52.13.

Ovintiv Stock Performance

OVV opened at $40.14 on Monday. The business's 50 day moving average is $40.99 and its 200-day moving average is $38.93. The stock has a market cap of $10.32 billion, a PE ratio of 17.73, a price-to-earnings-growth ratio of 5.19 and a beta of 0.97. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. Ovintiv has a twelve month low of $29.80 and a twelve month high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.92 billion. On average, analysts predict that Ovintiv will post 5.59 earnings per share for the current year.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OVV. Concurrent Investment Advisors LLC grew its holdings in shares of Ovintiv by 5.6% during the 1st quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock valued at $239,000 after acquiring an additional 297 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Ovintiv by 43.4% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company's stock worth $49,000 after purchasing an additional 349 shares in the last quarter. UMB Bank n.a. raised its stake in shares of Ovintiv by 16.9% during the 1st quarter. UMB Bank n.a. now owns 2,890 shares of the company's stock worth $124,000 after purchasing an additional 417 shares in the last quarter. Crossmark Global Holdings Inc. increased its holdings in Ovintiv by 0.6% in the first quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company's stock worth $2,962,000 after buying an additional 420 shares during the last quarter. Finally, ProShare Advisors LLC increased its holdings in Ovintiv by 3.8% in the second quarter. ProShare Advisors LLC now owns 11,518 shares of the company's stock worth $438,000 after buying an additional 427 shares during 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.

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