Ovintiv (NYSE:OVV) Stock Price Expected to Rise, Barclays Analyst Says

Ovintiv (NYSE:OVV) had its target price increased by investment analysts at Barclays from $57.00 to $59.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 33.51% from the stock’s previous close.

A number of other analysts have also commented on the stock. Mizuho decreased their price target on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. UBS Group dropped their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and decreased their price target for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Finally, Scotiabank upped their price objective on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday, November 18th. Four analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.94.

Ovintiv Price Performance

OVV stock opened at $44.19 on Thursday. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The stock has a market capitalization of $11.50 billion, a PE ratio of 5.86 and a beta of 2.63. The company’s 50-day moving average is $42.59 and its 200-day moving average is $42.35. 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 announced its quarterly earnings results on Thursday, November 7th. The company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.76. The business had revenue of $2.32 billion for 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 in the prior year, the company earned $1.74 earnings per share. Equities research analysts expect that Ovintiv will post 5.58 EPS for the current fiscal year.

Institutional Trading of Ovintiv

Several institutional investors and hedge funds have recently modified their holdings of OVV. Hotchkis & Wiley Capital Management LLC grew its stake in Ovintiv by 17.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after buying an additional 1,207,610 shares in the last quarter. Pacer Advisors Inc. grew its position in Ovintiv by 11,282.4% in the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after acquiring an additional 6,486,159 shares in the last quarter. Smead Capital Management Inc. increased its stake in Ovintiv by 3.5% in 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 during the last quarter. Geode Capital Management LLC raised its position in Ovintiv by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after purchasing an additional 205,409 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Ovintiv by 7.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company’s stock worth $71,587,000 after purchasing an additional 133,192 shares during 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.