Ovintiv (NYSE:OVV) Given New $57.00 Price Target at Barclays

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 raised by investment analysts at Barclays from $55.00 to $57.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's target price points to a potential upside of 32.94% from the company's previous close.

A number of other equities research analysts also recently weighed in on OVV. Scotiabank raised their price objective on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. TD Cowen raised Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Wells Fargo & Company reduced their price target on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research report on Monday, June 16th. Mizuho reduced their price target on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Finally, Citigroup set a $54.00 price target on Ovintiv and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $53.94.

Ovintiv Trading Down 0.1%

OVV stock traded down $0.03 during midday trading on Friday, reaching $42.88. The company's stock had a trading volume of 1,603,347 shares, compared to its average volume of 3,606,636. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a fifty day simple moving average of $39.17 and a two-hundred day simple moving average of $39.58. Ovintiv has a 1 year low of $29.80 and a 1 year high of $48.35. The firm has a market capitalization of $11.14 billion, a price-to-earnings ratio of 18.93, a PEG ratio of 2.31 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly 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 firm had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.92 billion. On average, equities research analysts predict that Ovintiv will post 5.59 EPS for the current year.

Institutional Trading of Ovintiv

Hedge funds have recently added to or reduced their stakes in the stock. Colonial Trust Co SC acquired a new stake in shares of Ovintiv in the 4th quarter valued at approximately $28,000. IFP Advisors Inc increased its position in Ovintiv by 316.7% during the second quarter. IFP Advisors Inc now owns 846 shares of the company's stock worth $32,000 after buying an additional 643 shares in the last quarter. Dogwood Wealth Management LLC purchased a new stake in shares of Ovintiv in the second quarter valued at $35,000. Harbour Investments Inc. grew 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 purchasing an additional 542 shares during the period. Finally, Optiver Holding B.V. acquired a new position in Ovintiv in the fourth quarter valued at $40,000. 83.81% of the stock is owned by institutional investors and hedge funds.

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.