Ovintiv (NYSE:OVV) Raised to “Hold” at Zacks Research

Ovintiv (NYSE:OVV) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Ovintiv in a report on Tuesday. National Bankshares dropped their price target on Ovintiv from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 22nd. 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. JPMorgan Chase & Co. lowered their price objective on Ovintiv from $50.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, October 3rd. Finally, Barclays dropped their target price on Ovintiv from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.71.

Ovintiv Stock Performance

Ovintiv stock opened at $38.81 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. Ovintiv has a 12 month low of $29.80 and a 12 month high of $47.18. The company has a fifty day moving average price of $39.31 and a two-hundred day moving average price of $39.13. The company has a market cap of $9.83 billion, a PE ratio of 17.17, a P/E/G ratio of 1.89 and a beta of 1.00.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.06. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The company had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Research analysts expect that Ovintiv will post 5.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in OVV. McIlrath & Eck LLC bought a new stake in shares of Ovintiv during the third quarter valued at about $31,000. IFP Advisors Inc increased its stake in Ovintiv by 316.7% during the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock valued at $32,000 after buying an additional 643 shares during the period. Dogwood Wealth Management LLC acquired a new position in Ovintiv during the 2nd quarter valued at about $35,000. HM Payson & Co. bought a new stake in shares of Ovintiv during the 3rd quarter worth about $36,000. Finally, Foster Dykema Cabot & Partners LLC acquired a new stake in shares of Ovintiv in the 3rd quarter worth approximately $36,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.