Ovintiv (NYSE:OVV) Given a $54.00 Price Target by Citigroup Analysts

Ovintiv (NYSE:OVV - Get Free Report) has been given a $54.00 target price by equities research analysts at Citigroup in a research note issued to investors on Wednesday,BayStreet.CA reports. The firm presently has a "buy" rating on the stock. Citigroup's price target indicates a potential upside of 34.80% from the company's current price.

Several other equities research analysts also recently commented on OVV. JPMorgan Chase & Co. cut their price objective on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Williams Trading set a $58.00 price target on shares of Ovintiv in a research report on Wednesday, March 5th. Wells Fargo & Company cut their price target on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research note on Monday, June 16th. Morgan Stanley reissued an "overweight" rating and issued a $50.00 price objective on shares of Ovintiv in a research report on Tuesday, April 15th. Finally, Barclays dropped their target price on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $54.47.

Ovintiv Stock Up 1.9%

Shares of Ovintiv stock traded up $0.75 during trading hours on Wednesday, reaching $40.06. 2,834,733 shares of the company's stock were exchanged, compared to its average volume of 3,340,418. The stock has a market cap of $10.41 billion, a P/E ratio of 17.05, a P/E/G ratio of 2.14 and a beta of 1.08. The company has a 50 day moving average of $37.52 and a two-hundred day moving average of $39.54. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $49.57.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.22. The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.23 billion. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. On average, sell-side analysts forecast that Ovintiv will post 5.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Ovintiv

Large investors have recently made changes to their positions in the company. Colonial Trust Co SC acquired a new position in Ovintiv in the 4th quarter valued at $28,000. Smartleaf Asset Management LLC lifted its holdings in shares of Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after buying an additional 335 shares in the last quarter. Harbour Investments Inc. boosted its position in shares of Ovintiv by 143.8% in the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after acquiring an additional 542 shares during the period. Mizuho Bank Ltd. acquired a new position in shares of Ovintiv in the fourth quarter valued at about $40,000. Finally, Optiver Holding B.V. acquired a new position in shares of Ovintiv in the fourth quarter valued at about $40,000. 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.