Ovintiv (NYSE:OVV) Price Target Raised to $57.00

Key Points

• Barclays raised its price target for Ovintiv from $55.00 to $57.00, projecting a potential upside of 37.32% from the stock's previous close.
• Ovintiv recently reported $1.02 earnings per share, missing analyst consensus estimates, alongside a revenue of $1.79 billion against expectations of $1.92 billion.
• A majority of analysts rate Ovintiv stock as a "buy" or "strong buy"**, with an average consensus price target of $53.94.
• Institutional investors hold approximately 83.81% of Ovintiv's shares, reflecting significant interest from hedge funds in the company.

Ovintiv (NYSE:OVV - Get Free Report) had its target price boosted by Barclays from $55.00 to $57.00 in a report issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Barclays's price target suggests a potential upside of 37.67% from the stock's current price.

Other analysts have also recently issued reports about the company. The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $47.00 to $51.00 in a report on Tuesday, July 1st. Wells Fargo & Company lowered their price objective on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, June 16th. TD Cowen raised Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Morgan Stanley restated an "overweight" rating and issued a $50.00 price objective on shares of Ovintiv in a report on Tuesday, April 15th. Finally, Mizuho decreased their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $53.94.

Ovintiv Price Performance

OVV traded up $1.41 during trading on Friday, hitting $41.40. The company's stock had a trading volume of 5,744,041 shares, compared to its average volume of 3,012,459. The stock has a market capitalization of $10.76 billion, a price-to-earnings ratio of 18.32, a price-to-earnings-growth ratio of 2.31 and a beta of 1.08. Ovintiv has a 12 month low of $29.80 and a 12 month high of $48.35. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.44. The firm's 50 day moving average price is $39.05 and its two-hundred day moving average price is $39.60.

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

Hedge Funds Weigh In On Ovintiv

Institutional investors have recently modified their holdings of the stock. HighTower Advisors LLC grew its holdings in shares of Ovintiv by 4.7% during the fourth quarter. HighTower Advisors LLC now owns 16,175 shares of the company's stock valued at $655,000 after buying an additional 719 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in Ovintiv during the 4th quarter valued at about $215,000. American Century Companies Inc. grew its stake in shares of Ovintiv by 11.0% in the 4th quarter. American Century Companies Inc. now owns 488,182 shares of the company's stock valued at $19,771,000 after buying an additional 48,308 shares during the period. Sei Investments Co. lifted its holdings in shares of Ovintiv by 419.4% in the 4th quarter. Sei Investments Co. now owns 237,693 shares of the company's stock worth $9,627,000 after acquiring an additional 191,929 shares during the last quarter. Finally, LPL Financial LLC boosted its position in Ovintiv by 17.8% in the 4th quarter. LPL Financial LLC now owns 89,492 shares of the company's stock valued at $3,624,000 after buying an additional 13,554 shares during the period. 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.