National Bankshares Cuts Ovintiv (NYSE:OVV) Price Target to $62.00

Key Points

• National Bankshares has lowered its price target for Ovintiv from $66.00 to $62.00, while maintaining an "outperform" rating on the stock, indicating a potential upside of 71.11% from the company's previous close.
• Multiple research firms have issued varied price targets for Ovintiv, with estimates ranging from $42.00 to $55.00, and an average target price of $51.47 based on market consensus.
• Ovintiv's stock is currently trading at $36.24, showing a significant range over the past year with a low of $29.80 and a high of $47.18, alongside some recent earnings misses compared to analyst expectations.

Ovintiv (NYSE:OVV - Get Free Report) had its price target dropped by analysts at National Bankshares from $66.00 to $62.00 in a report released on Wednesday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. National Bankshares' target price points to a potential upside of 71.11% from the company's previous close.

Other research analysts have also recently issued research reports about the company. Evercore ISI increased their price objective on Ovintiv from $42.00 to $43.00 and gave the stock an "outperform" rating in a research note on Monday, October 6th. Royal Bank Of Canada set a $55.00 price objective on Ovintiv and gave the stock an "outperform" rating in a research note on Wednesday, October 15th. TD Cowen raised Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Barclays dropped their target price on Ovintiv from $57.00 to $55.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 7th. Finally, Roth Capital began coverage on Ovintiv in a research report on Monday, October 13th. They set a "neutral" rating and a $42.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $51.47.

Ovintiv Stock Performance

NYSE:OVV traded up $0.09 during mid-day trading on Wednesday, hitting $36.24. 1,133,730 shares of the company traded hands, compared to its average volume of 3,433,424. The stock's fifty day moving average price is $40.34 and its 200-day moving average price is $38.61. Ovintiv has a one year low of $29.80 and a one year high of $47.18. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. The firm has a market cap of $9.31 billion, a price-to-earnings ratio of 16.04, a price-to-earnings-growth ratio of 5.34 and a beta of 0.97.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $1.92 billion. Research analysts anticipate that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Institutional Trading of Ovintiv

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OVV. Concurrent Investment Advisors LLC boosted its stake 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 worth $239,000 after acquiring an additional 297 shares in the last quarter. Smartleaf Asset Management LLC boosted 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 acquiring an additional 349 shares in the last quarter. Crossmark Global Holdings Inc. boosted its stake in shares of Ovintiv by 0.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company's stock worth $2,962,000 after acquiring an additional 420 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of Ovintiv by 3.8% during the 2nd quarter. ProShare Advisors LLC now owns 11,518 shares of the company's stock worth $438,000 after acquiring an additional 427 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its stake in shares of Ovintiv by 2.3% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 21,141 shares of the company's stock worth $804,000 after acquiring an additional 468 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.

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.

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