Ovintiv (NYSE:OVV) Stock Price Expected to Rise, Scotiabank Analyst Says

Ovintiv (NYSE:OVV - Get Free Report) had its price target raised by analysts at Scotiabank from $48.00 to $51.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "sector outperform" rating on the stock. Scotiabank's price objective would indicate a potential upside of 21.63% from the stock's previous close.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. reduced their price objective on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a research note on Monday. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and raised their price objective for the company from $47.00 to $51.00 in a research note on Tuesday, July 1st. Barclays raised their price objective on shares of Ovintiv from $53.00 to $55.00 and gave the company an "overweight" rating in a research note on Monday. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $50.00 price objective on shares of Ovintiv in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $54.47.

Ovintiv Stock Performance

Shares of NYSE:OVV traded up $1.02 during midday trading on Friday, hitting $41.93. The stock had a trading volume of 3,424,169 shares, compared to its average volume of 3,352,240. The company has a market capitalization of $10.89 billion, a PE ratio of 17.84, a P/E/G ratio of 2.31 and a beta of 1.08. The stock has a 50 day moving average price of $38.36 and a two-hundred day moving average price of $39.64. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44. Ovintiv has a 1 year low of $29.80 and a 1 year high of $49.57.

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

Hedge Funds Weigh In On Ovintiv

A number of institutional investors have recently modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. raised its position in shares of Ovintiv by 2.8% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company's stock valued at $412,000 after buying an additional 276 shares during the last quarter. Concurrent Investment Advisors LLC raised its position in shares of Ovintiv by 5.6% in the first quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock valued at $239,000 after buying an additional 297 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Ovintiv by 1.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company's stock valued at $830,000 after buying an additional 300 shares during the last quarter. Bessemer Group Inc. raised its position in shares of Ovintiv by 0.4% in the fourth quarter. Bessemer Group Inc. now owns 70,053 shares of the company's stock valued at $2,837,000 after buying an additional 310 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its position in shares of Ovintiv by 43.4% in the first quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company's stock valued at $49,000 after buying an additional 349 shares during the last quarter. 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.