Ovintiv (NYSE:OVV) Price Target Cut to $38.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company has reduced Ovintiv's price target from $46.00 to $38.00, maintaining an "equal weight" rating on the stock, which indicates a potential upside of 4.34% based on its previous close.
• Several other analysts have also adjusted their ratings, with Scotiabank increasing their target to $51.00, while Mizuho lowered their target to $50.00, reflecting mixed expectations within the market.
• Ovintiv's recent earnings report showed a miss on consensus estimates, reporting $1.02 EPS and $1.79 billion in revenue compared to the expected $1.04 EPS and $1.92 billion revenue.

Ovintiv (NYSE:OVV - Get Free Report) had its price objective decreased by equities research analysts at Wells Fargo & Company from $46.00 to $38.00 in a research report issued on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective indicates a potential upside of 4.34% from the company's previous close.

Other equities analysts also recently issued reports about the stock. Scotiabank raised their price objective on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a report on Friday, July 11th. Roth Capital assumed coverage on Ovintiv in a research note on Monday. They issued a "neutral" rating and a $42.00 price target on the stock. Mizuho dropped their price objective on Ovintiv from $58.00 to $50.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and boosted their target price for the company from $47.00 to $51.00 in a research note on Tuesday, July 1st. Finally, Evercore ISI boosted their price target on shares of Ovintiv from $42.00 to $43.00 and gave the company an "outperform" rating in a research report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $51.12.

Ovintiv Trading Down 2.3%

NYSE:OVV opened at $36.42 on Friday. The company's 50 day moving average is $40.54 and its 200-day moving average is $38.70. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. Ovintiv has a 12 month low of $29.80 and a 12 month high of $47.18. The firm has a market cap of $9.36 billion, a price-to-earnings ratio of 16.12, a P/E/G ratio of 5.34 and a beta of 0.97.

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

Institutional Trading of Ovintiv

A number of institutional investors have recently bought and sold shares of OVV. IFP Advisors Inc lifted its stake in shares of Ovintiv by 316.7% in the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company's stock valued at $32,000 after purchasing an additional 643 shares during the period. Dogwood Wealth Management LLC bought a new stake in Ovintiv in the second quarter valued at about $35,000. Harbour Investments Inc. increased its holdings in 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 last quarter. Gen Wealth Partners Inc lifted its stake in Ovintiv by 91.8% in the first quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock valued at $43,000 after buying an additional 484 shares during the period. Finally, MAI Capital Management grew its position in shares of Ovintiv by 174.6% during the 2nd quarter. MAI Capital Management now owns 1,170 shares of the company's stock worth $45,000 after buying an additional 744 shares during the period. 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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