BMO Capital Markets Upgrades Ovintiv (NYSE:OVV) to “Outperform”

Ovintiv (NYSE:OVV) was upgraded by research analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Monday, Marketbeat reports. The brokerage currently has a $13.00 target price on the stock, up from their prior target price of $6.50. BMO Capital Markets’ price objective suggests a potential upside of 36.13% from the stock’s current price.

A number of other brokerages have also recently weighed in on OVV. Goldman Sachs Group cut Ovintiv from a “buy” rating to a “neutral” rating and set a $2.25 price target for the company. in a research report on Monday, March 16th. Stifel Nicolaus cut Ovintiv to a “hold” rating and set a $5.00 price target for the company. in a report on Friday, March 13th. ValuEngine raised Ovintiv from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 3rd. Credit Suisse Group upped their price objective on Ovintiv from $2.00 to $6.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Finally, TD Securities upped their price objective on Ovintiv from $5.00 to $6.00 and gave the company a “hold” rating in a research note on Friday, May 8th. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $13.21.

Shares of NYSE OVV opened at $9.55 on Monday. The company has a 50-day moving average price of $8.79. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. Ovintiv has a one year low of $2.10 and a one year high of $28.75. The stock has a market capitalization of $2.30 billion, a P/E ratio of 2.85, a P/E/G ratio of 1.88 and a beta of 3.98.

Ovintiv (NYSE:OVV) last issued its earnings results on Thursday, May 7th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.08). Ovintiv had a net margin of 11.06% and a return on equity of 7.21%. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $1.58 billion. On average, equities research analysts forecast that Ovintiv will post 0.6 EPS for the current fiscal year.

Institutional investors have recently bought and sold shares of the stock. UBS Group AG bought a new position in Ovintiv during the first quarter worth about $281,000. First Manhattan Co. bought a new position in Ovintiv during the first quarter worth about $675,000. BlackRock Inc. bought a new position in Ovintiv during the first quarter worth about $3,413,000. Mitsubishi UFJ Trust & Banking Corp bought a new position in Ovintiv during the first quarter worth about $621,000. Finally, Toronto Dominion Bank acquired a new stake in Ovintiv during the first quarter worth approximately $44,000. Institutional investors and hedge funds own 55.80% of the company’s stock.

Ovintiv Company Profile

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Analyst Recommendations for Ovintiv (NYSE:OVV)

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