Ovintiv (NYSE:OVV) Upgraded to Strong-Buy at TD Cowen

Ovintiv (NYSE:OVV - Get Free Report) was upgraded by research analysts at TD Cowen to a "strong-buy" rating in a research report issued on Monday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on OVV. Barclays increased their price objective on shares of Ovintiv from $53.00 to $55.00 and gave the stock an "overweight" rating in a research report on Monday. Mizuho reduced their price target on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and raised their price target for the stock from $47.00 to $51.00 in a report on Tuesday, July 1st. BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Finally, Scotiabank upgraded shares of Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $54.59.

Ovintiv Trading Down 1.6%

OVV opened at $39.29 on Monday. Ovintiv has a twelve month low of $29.80 and a twelve month high of $49.57. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.44. The company has a fifty day moving average of $37.83 and a 200-day moving average of $39.58. The stock has a market cap of $10.21 billion, a PE ratio of 16.72, a price-to-earnings-growth ratio of 2.15 and a beta of 1.08.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Colonial Trust Co SC bought a new position in shares of Ovintiv during the fourth quarter valued at about $28,000. Smartleaf Asset Management LLC lifted its position in shares of Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after purchasing an additional 335 shares in the last quarter. Harbour Investments Inc. lifted its position in shares of Ovintiv by 143.8% during the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after purchasing an additional 542 shares in the last quarter. Optiver Holding B.V. bought a new position in shares of Ovintiv during the fourth quarter valued at about $40,000. Finally, Mizuho Bank Ltd. bought a new position in shares of Ovintiv during the fourth quarter valued at about $40,000. 83.81% of the stock is owned by institutional investors.

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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