Ovintiv (NYSE:OVV) PT Lowered to $52.00

Ovintiv (NYSE:OVV) had its price target lowered by Wells Fargo & Company from $54.00 to $52.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 12.34% from the stock’s current price.

OVV has been the topic of several other reports. The Goldman Sachs Group boosted their price target on shares of Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a report on Tuesday, March 26th. Bank of America restated a “neutral” rating and set a $55.00 price target on shares of Ovintiv in a report on Friday, June 14th. Scotiabank boosted their price target on shares of Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a report on Friday, July 12th. Evercore ISI restated an “outperform” rating and set a $60.00 price target on shares of Ovintiv in a report on Wednesday, July 10th. Finally, Wolfe Research began coverage on shares of Ovintiv in a report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price target on the stock. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $60.33.

Ovintiv Trading Down 1.0 %

NYSE OVV opened at $46.29 on Monday. Ovintiv has a twelve month low of $39.68 and a twelve month high of $55.95. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market cap of $12.36 billion, a price-to-earnings ratio of 6.47 and a beta of 2.63. The firm’s 50 day moving average price is $47.80 and its two-hundred day moving average price is $47.98.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.12. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. The firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Equities analysts anticipate that Ovintiv will post 6.02 EPS for the current year.

Insiders Place Their Bets

In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $51.14, for a total transaction of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $51.14, for a total transaction of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $50.00, for a total transaction of $600,000.00. Following the transaction, the director now directly owns 8,929 shares of the company’s stock, valued at approximately $446,450. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in OVV. Raymond James & Associates raised its position in shares of Ovintiv by 2.1% during the fourth quarter. Raymond James & Associates now owns 186,751 shares of the company’s stock valued at $8,202,000 after buying an additional 3,766 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Ovintiv by 5.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 16,782 shares of the company’s stock valued at $737,000 after acquiring an additional 920 shares during the period. Viking Fund Management LLC bought a new stake in Ovintiv in the fourth quarter valued at about $2,635,000. Blue Trust Inc. increased its stake in Ovintiv by 20.5% in the fourth quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock valued at $80,000 after acquiring an additional 284 shares during the period. Finally, Quent Capital LLC increased its stake in Ovintiv by 151.3% in the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock valued at $26,000 after acquiring an additional 351 shares during the period. Institutional investors and hedge funds 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.