Ovintiv (NYSE:OVV) Upgraded to Buy at The Goldman Sachs Group

Ovintiv (NYSE:OVV - Get Free Report) was upgraded by investment analysts at The Goldman Sachs Group from a "neutral" rating to a "buy" rating in a research report issued on Tuesday,Briefing.com Automated Import reports. The firm currently has a $51.00 price objective on the stock. The Goldman Sachs Group's price target indicates a potential upside of 33.79% from the stock's previous close.

A number of other equities analysts have also issued reports on OVV. Scotiabank raised shares of Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. Wells Fargo & Company lowered their price objective on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, June 16th. Morgan Stanley reaffirmed an "overweight" rating and issued a $50.00 target price on shares of Ovintiv in a research report on Tuesday, April 15th. BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $55.00 to $57.00 in a report on Monday, March 24th. Finally, 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. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Ovintiv has an average rating of "Buy" and an average target price of $54.47.

Ovintiv Stock Down 0.8%

OVV stock opened at $38.12 on Tuesday. The company has a 50 day moving average of $37.28 and a two-hundred day moving average of $39.54. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.44. Ovintiv has a 12-month low of $29.80 and a 12-month high of $49.57. The company has a market cap of $9.90 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 2.09 and a beta of 1.09.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in OVV. Meiji Yasuda Asset Management Co Ltd. increased its holdings in 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 purchasing an additional 276 shares during the last quarter. Concurrent Investment Advisors LLC increased its stake in shares of Ovintiv by 5.6% in the 1st quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock valued at $239,000 after acquiring an additional 297 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Ovintiv by 1.5% in the 4th quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company's stock valued at $830,000 after acquiring an additional 300 shares during the last quarter. Bessemer Group Inc. raised its position in shares of Ovintiv by 0.4% in the 4th quarter. Bessemer Group Inc. now owns 70,053 shares of the company's stock valued at $2,837,000 after acquiring an additional 310 shares during the period. Finally, Smartleaf Asset Management LLC boosted its stake in Ovintiv by 71.3% during the 4th 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 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.

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