Citigroup Lowers Ovintiv (NYSE:OVV) Price Target to $52.00

Ovintiv (NYSE:OVV) had its price objective lowered by equities research analysts at Citigroup from $54.00 to $52.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 33.14% from the stock’s current price.

Several other research analysts have also recently weighed in on OVV. Roth Capital assumed coverage on Ovintiv in a report on Monday, October 13th. They set a “neutral” rating and a $42.00 target price on the stock. Morgan Stanley cut their price objective on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 14th. Wells Fargo & Company dropped their target price on Ovintiv from $46.00 to $38.00 and set an “equal weight” rating for the company in a research report on Friday, October 17th. JPMorgan Chase & Co. cut their price target on shares of Ovintiv from $50.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, October 3rd. Finally, National Bankshares lowered their price objective on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating for the company in a research note on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.59.

Ovintiv Price Performance

OVV stock traded up $0.86 during midday trading on Tuesday, reaching $39.06. The stock had a trading volume of 1,503,875 shares, compared to its average volume of 3,469,515. Ovintiv has a 52-week low of $29.80 and a 52-week high of $47.18. The company has a market cap of $9.89 billion, a price-to-earnings ratio of 17.27, a price-to-earnings-growth ratio of 1.89 and a beta of 1.00. The company’s fifty day simple moving average is $39.22 and its 200 day simple moving average is $39.25. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42.

Ovintiv (NYSE:OVV) last posted its quarterly 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 firm had revenue of $2.07 billion for the quarter, compared to analyst estimates of $1.86 billion. As a group, sell-side analysts predict that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Institutional Trading of Ovintiv

A number of large investors have recently bought and sold shares of OVV. Vanguard Group Inc. raised its holdings in shares of Ovintiv by 3.3% in the first quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company’s stock valued at $1,302,113,000 after buying an additional 959,711 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Ovintiv by 3.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 9,571,397 shares of the company’s stock worth $364,192,000 after buying an additional 312,827 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Ovintiv by 25.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock worth $379,165,000 after acquiring an additional 1,927,193 shares during the period. Hotchkis & Wiley Capital Management LLC increased its stake in shares of Ovintiv by 3.5% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 8,437,152 shares of the company’s stock worth $361,110,000 after acquiring an additional 284,656 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Ovintiv by 12.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,888,500 shares of the company’s stock worth $237,747,000 after acquiring an additional 649,819 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.