Barclays Forecasts Strong Price Appreciation for Ovintiv (NYSE:OVV) Stock

Ovintiv (NYSE:OVV) had its price target hoisted by stock analysts at Barclays from $57.00 to $59.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 39.65% from the company’s previous close.

A number of other research analysts also recently issued reports on OVV. Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Scotiabank increased their price target on shares of Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a report on Monday, November 18th. Wells Fargo & Company cut their price objective on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. Mizuho lowered their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Finally, Truist Financial raised their target price on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $56.88.

Ovintiv Trading Down 3.7 %

Shares of Ovintiv stock opened at $42.25 on Thursday. The stock has a market cap of $11.00 billion, a PE ratio of 5.60 and a beta of 2.63. The firm has a fifty day moving average price of $42.54 and a 200 day moving average price of $42.36. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Thursday, November 7th. The company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.76. The business had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.32 billion. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. During the same quarter last year, the business posted $1.74 EPS. Equities research analysts predict that Ovintiv will post 5.59 earnings per share for the current year.

Institutional Investors Weigh In On Ovintiv

Large investors have recently modified their holdings of the business. Nisa Investment Advisors LLC boosted its position in Ovintiv by 0.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock worth $2,647,000 after acquiring an additional 231 shares during the last quarter. Drive Wealth Management LLC boosted its holdings in shares of Ovintiv by 2.5% during the 3rd quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock worth $395,000 after purchasing an additional 251 shares during the last quarter. CIBC Asset Management Inc grew its position in shares of Ovintiv by 3.7% in the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock valued at $304,000 after purchasing an additional 280 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of Ovintiv by 13.4% in the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock valued at $97,000 after purchasing an additional 282 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after buying an additional 286 shares in the last quarter. Hedge funds and other institutional investors 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.