Roth Capital Initiates Coverage on Ovintiv (NYSE:OVV)

Key Points

• Ovintiv has been upgraded to a "hold" rating by Roth Capital, amidst mixed reviews from other analysts with varying target price adjustments.
• Currently, the stock has a consensus rating of "Moderate Buy" and an average price target of $51.29, while shares opened at $36.94.
• Institutional investors have significantly increased their holdings in Ovintiv, with over 83.81% of the company's stock owned by hedge funds and other institutional investors.

Equities research analysts at Roth Capital assumed coverage on shares of Ovintiv (NYSE:OVV - Get Free Report) in a research report issued on Monday, Marketbeat reports. The brokerage set a "neutral" rating and a $42.00 price target on the stock. Roth Capital's target price would suggest a potential upside of 13.69% from the company's current price.

A number of other brokerages have also recently commented on OVV. TD Cowen raised Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Evercore ISI upped their price target on Ovintiv from $42.00 to $43.00 and gave the company an "outperform" rating in a research report on Monday, October 6th. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and increased their target price for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Citigroup set a $54.00 target price on shares of Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Finally, Wells Fargo & Company cut their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research report on Monday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Ovintiv has a consensus rating of "Moderate Buy" and a consensus price target of $51.29.

Ovintiv Price Performance

OVV opened at $36.94 on Monday. The firm has a market cap of $9.50 billion, a P/E ratio of 16.35, a PEG ratio of 5.36 and a beta of 0.97. The firm has a 50-day moving average of $40.64 and a 200 day moving average of $38.75. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. On average, research analysts expect that Ovintiv will post 5.59 EPS for the current year.

Institutional Trading of Ovintiv

Several institutional investors and hedge funds have recently bought and sold shares of OVV. Farther Finance Advisors LLC boosted its stake in Ovintiv by 1,012.3% during the first quarter. Farther Finance Advisors LLC now owns 4,149 shares of the company's stock valued at $182,000 after buying an additional 3,776 shares during the period. GAMMA Investing LLC boosted its stake in Ovintiv by 72.1% during the first quarter. GAMMA Investing LLC now owns 5,551 shares of the company's stock valued at $238,000 after buying an additional 2,326 shares during the period. Assenagon Asset Management S.A. boosted its stake in Ovintiv by 7.6% during the first quarter. Assenagon Asset Management S.A. now owns 18,533 shares of the company's stock valued at $793,000 after buying an additional 1,309 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Ovintiv by 65.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 65,439 shares of the company's stock worth $2,801,000 after purchasing an additional 25,817 shares in the last quarter. Finally, QRG Capital Management Inc. grew its holdings in shares of Ovintiv by 28.1% during the first quarter. QRG Capital Management Inc. now owns 57,105 shares of the company's stock worth $2,444,000 after purchasing an additional 12,510 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

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.