Ovintiv (NYSE:OVV) Given New $56.00 Price Target at National Bankshares

Ovintiv (NYSE:OVV) had its price target boosted by equities researchers at National Bankshares from $51.00 to $56.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. National Bankshares’ price target indicates a potential upside of 27.19% from the stock’s previous close.

Several other equities analysts have also recently commented on OVV. Barclays boosted their target price on shares of Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday. UBS Group lowered their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Scotiabank upped their price target on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Citigroup lowered their price objective on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Finally, Truist Financial increased their target price on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and a consensus price target of $56.88.

Ovintiv Stock Performance

NYSE OVV traded down $0.14 during trading on Thursday, reaching $44.03. The company’s stock had a trading volume of 212,236 shares, compared to its average volume of 2,412,489. Ovintiv has a 12 month low of $36.90 and a 12 month high of $55.95. The firm has a 50 day moving average price of $42.59 and a 200 day moving average price of $42.35. The firm has a market capitalization of $11.46 billion, a price-to-earnings ratio of 5.85 and a beta of 2.63. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Thursday, November 7th. The company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.76. The firm had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. During the same period in the previous year, the firm earned $1.74 EPS. As a group, equities analysts anticipate that Ovintiv will post 5.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Ovintiv

Several hedge funds have recently added to or reduced their stakes in the stock. Raymond James & Associates raised its position in shares of Ovintiv by 1.2% in the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock worth $7,529,000 after purchasing an additional 2,275 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Ovintiv by 16.0% during the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock valued at $11,527,000 after buying an additional 37,341 shares during the last quarter. Smead Capital Management Inc. increased its position in shares of Ovintiv by 3.5% during the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock valued at $241,476,000 after acquiring an additional 212,535 shares in the last quarter. Retirement Systems of Alabama raised its holdings in Ovintiv by 4.4% in the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock worth $12,288,000 after acquiring an additional 13,536 shares during the last quarter. Finally, Entropy Technologies LP lifted its position in Ovintiv by 319.9% in the 3rd quarter. Entropy Technologies LP now owns 149,457 shares of the company’s stock valued at $5,726,000 after acquiring an additional 113,866 shares in the last quarter. 83.81% of the stock is owned by 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.