Royal Bank Of Canada Reaffirms "Sector Perform" Rating for Ovintiv (NYSE:OVV)

Key Points

• The Royal Bank of Canada has reaffirmed its "sector perform" rating for Ovintiv (NYSE:OVV) and set a price target of $55.00, indicating a potential upside of 27.40% from the previous close.
• Several analysts have varying price targets for Ovintiv, with UBS Group raising theirs to $52.00, while Mizuho decreased it to $50.00, reflecting diverse market views.
• Institutional investors own 83.81% of Ovintiv's stock, with significant recent increases in holdings from various firms, indicating strong institutional interest.

Ovintiv (NYSE:OVV - Get Free Report)'s stock had its "sector perform" rating restated by stock analysts at Royal Bank Of Canada in a research report issued to clients and investors on Friday,MarketScreener reports. They currently have a $55.00 price target on the stock. Royal Bank Of Canada's price objective indicates a potential upside of 27.40% from the company's previous close.

Several other equities analysts also recently commented on OVV. UBS Group raised their target price on Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Morgan Stanley set a $48.00 price objective on Ovintiv and gave the stock an "equal weight" rating in a research note on Monday, August 18th. Citigroup set a $54.00 target price on Ovintiv and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Mizuho cut their price target on Ovintiv from $58.00 to $50.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Finally, Scotiabank boosted their price target on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a report on Friday, July 11th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $52.69.

Ovintiv Trading Up 1.1%

Shares of NYSE OVV opened at $43.17 on Friday. The business has a fifty day simple moving average of $40.94 and a 200-day simple moving average of $38.98. The company has a market cap of $11.10 billion, a price-to-earnings ratio of 19.10, a P/E/G ratio of 5.49 and a beta of 1.08. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. Ovintiv has a 12 month low of $29.80 and a 12 month high of $47.18.

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

Institutional Trading of Ovintiv

Large investors have recently bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Ovintiv in the 4th quarter valued at about $4,949,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Ovintiv by 198.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 39,622 shares of the company's stock worth $1,605,000 after purchasing an additional 26,366 shares during the period. Quent Capital LLC grew its stake in Ovintiv by 146.5% in the 1st quarter. Quent Capital LLC now owns 1,134 shares of the company's stock valued at $49,000 after buying an additional 674 shares in the last quarter. GAMMA Investing LLC grew its stake in Ovintiv by 7,266.9% in the 1st quarter. GAMMA Investing LLC now owns 237,583 shares of the company's stock valued at $10,169,000 after buying an additional 234,358 shares in the last quarter. Finally, Merit Financial Group LLC grew its stake in Ovintiv by 221.7% in the 1st quarter. Merit Financial Group LLC now owns 26,480 shares of the company's stock valued at $1,133,000 after buying an additional 18,248 shares in 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.

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