Ovintiv (NYSE:OVV) Rating Increased to Outperform at Royal Bank Of Canada

Key Points

• Ovintiv's stock rating has been upgraded from "sector perform" to "outperform" by Royal Bank of Canada, with a target price set at $55.00, indicating a potential upside of 47.57% from its previous closing price.
• While Royal Bank of Canada is optimistic, other firms like Zacks Research have downgraded Ovintiv to a "strong sell," showcasing mixed sentiments among analysts regarding the stock's performance.
• Current market conditions reflect Ovintiv's shares trading at $37.27, with a market cap of $9.58 billion, and the company has reported quarterly earnings missing analysts' expectations.

Ovintiv (NYSE:OVV - Get Free Report) was upgraded by stock analysts at Royal Bank Of Canada from a "sector perform" rating to an "outperform" rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage currently has a $55.00 target price on the stock. Royal Bank Of Canada's target price points to a potential upside of 47.57% from the stock's previous close.

Several other research firms have also recently weighed in on OVV. Zacks Research cut shares of Ovintiv from a "hold" rating to a "strong sell" rating in a research note on Friday, September 26th. Barclays dropped their price target on shares of Ovintiv from $57.00 to $55.00 and set an "overweight" rating for the company in a research note on Tuesday, October 7th. Roth Capital started coverage on shares of Ovintiv in a research note on Monday. They issued a "neutral" rating and a $42.00 price target for the company. Weiss Ratings reissued a "hold (c-)" rating on shares of Ovintiv in a research note on Wednesday, October 8th. Finally, UBS Group increased their price target on shares of Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. One equities research 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 company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $51.29.

Ovintiv Stock Up 1.2%

Shares of NYSE OVV opened at $37.27 on Wednesday. Ovintiv has a 12-month low of $29.80 and a 12-month high of $47.18. The stock has a market cap of $9.58 billion, a PE ratio of 16.49, a P/E/G ratio of 5.27 and a beta of 0.97. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average of $40.59 and a 200 day moving average of $38.74.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share (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 business had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.92 billion. As a group, sell-side analysts predict that Ovintiv will post 5.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently modified their holdings of the company. IFP Advisors Inc grew its position 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 buying an additional 643 shares during the last quarter. Dogwood Wealth Management LLC purchased a new position in shares of Ovintiv in the 2nd quarter valued at $35,000. Harbour Investments Inc. grew its position in Ovintiv by 143.8% during the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company's stock worth $39,000 after purchasing an additional 542 shares during the last quarter. Gen Wealth Partners Inc grew its position in Ovintiv by 91.8% during the 1st quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock worth $43,000 after purchasing an additional 484 shares during the last quarter. Finally, MAI Capital Management grew its position in 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 purchasing an additional 744 shares during the last quarter. 83.81% of the stock is currently 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.