Ovintiv (NYSE:OVV) Price Target Raised to $55.00

Ovintiv (NYSE:OVV - Get Free Report) had its price target lifted by stock analysts at Barclays from $53.00 to $55.00 in a research note issued on Monday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Barclays's price target would suggest a potential upside of 34.38% from the company's previous close.

OVV has been the subject of a number of other research reports. JPMorgan Chase & Co. reduced their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Mizuho reduced their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and upped their target price for the company from $55.00 to $57.00 in a research note on Monday, March 24th. Wells Fargo & Company dropped their price target on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a report on Monday, June 16th. Finally, Citigroup set a $54.00 price objective on shares of Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Ovintiv has a consensus rating of "Buy" and an average target price of $54.59.

Ovintiv Price Performance

Shares of OVV traded up $0.43 during midday trading on Monday, reaching $40.93. The stock had a trading volume of 2,620,765 shares, compared to its average volume of 3,349,057. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $10.63 billion, a price-to-earnings ratio of 17.42, a price-to-earnings-growth ratio of 2.28 and a beta of 1.08. The company's 50-day moving average is $38.10 and its 200 day moving average is $39.60. Ovintiv has a 12-month low of $29.80 and a 12-month high of $49.57.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Colonial Trust Co SC acquired a new position in shares of Ovintiv in the 4th quarter valued at $28,000. Smartleaf Asset Management LLC grew its holdings in 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 acquiring an additional 335 shares during the period. Harbour Investments Inc. raised its position in Ovintiv by 143.8% during 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 in the last quarter. Mizuho Bank Ltd. acquired a new position in Ovintiv in the fourth quarter valued at approximately $40,000. Finally, Optiver Holding B.V. purchased a new stake in Ovintiv in the 4th quarter worth approximately $40,000. Institutional investors and hedge funds 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.