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

Ovintiv (NYSE:OVV - Get Free Report) had its target price boosted by analysts at Barclays from $53.00 to $55.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Barclays's price objective points to a potential upside of 41.32% from the stock's previous close.

A number of other brokerages have also recently commented on OVV. Mizuho cut their price target on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Citigroup set a $54.00 price objective on Ovintiv and gave the stock a "buy" rating in a report on Wednesday, July 2nd. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $47.00 to $51.00 in a report on Tuesday, July 1st. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and increased their price target for the company from $55.00 to $57.00 in a research note on Monday, March 24th. Finally, Scotiabank upgraded Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned 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 a consensus rating of "Buy" and a consensus price target of $54.59.

Ovintiv Trading Down 2.5%

NYSE OVV traded down $1.00 during trading hours on Monday, hitting $38.92. 1,077,186 shares of the company's stock were exchanged, compared to its average volume of 3,331,605. Ovintiv has a 12-month low of $29.80 and a 12-month high of $49.57. The firm has a market capitalization of $10.11 billion, a P/E ratio of 16.56, a price-to-earnings-growth ratio of 2.15 and a beta of 1.08. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.43 and a current ratio of 0.43. The business's 50 day moving average is $37.74 and its 200-day moving average is $39.57.

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC grew its position in shares of Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after buying an additional 335 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Ovintiv by 48.0% in the 4th quarter. Jones Financial Companies Lllp now owns 6,425 shares of the company's stock worth $260,000 after buying an additional 2,084 shares during the period. Charles Schwab Investment Management Inc. increased its position in Ovintiv by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock valued at $77,508,000 after purchasing an additional 45,147 shares during the period. M&T Bank Corp lifted its holdings in shares of Ovintiv by 25.4% during the 4th quarter. M&T Bank Corp now owns 20,414 shares of the company's stock valued at $827,000 after purchasing an additional 4,136 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in Ovintiv in the fourth quarter valued at $768,000. Institutional investors 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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