Ovintiv (NYSE:OVV) Earns Underperform Rating from Analysts at CIBC

CIBC started coverage on shares of Ovintiv (NYSE:OVV) in a research note published on Monday, Anlyst Ratings reports. The brokerage issued an underperform rating and a $11.00 price objective on the stock.

A number of other brokerages have also weighed in on OVV. Raymond James raised their target price on shares of Ovintiv from $10.00 to $11.00 and gave the company a market perform rating in a research report on Wednesday, October 14th. Zacks Investment Research upgraded shares of Ovintiv from a sell rating to a hold rating in a research report on Thursday, October 22nd. Wolfe Research upgraded shares of Ovintiv from an underperform rating to a peer perform rating and raised their target price for the company from $6.50 to $11.50 in a research report on Wednesday, July 15th. UBS Group lifted their price target on shares of Ovintiv from $10.00 to $17.00 and gave the stock a buy rating in a report on Monday, June 29th. Finally, Morgan Stanley cut their price target on shares of Ovintiv from $14.75 to $11.00 and set an equal weight rating on the stock in a report on Tuesday, October 20th. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have given a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $12.54.

Shares of NYSE:OVV opened at $9.12 on Monday. Ovintiv has a 1 year low of $2.10 and a 1 year high of $25.00. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of -0.62 and a beta of 4.09. The company’s 50 day simple moving average is $9.10 and its 200 day simple moving average is $8.97.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.02). Ovintiv had a negative net margin of 56.12% and a positive return on equity of 3.58%. The company had revenue of $726.00 million during the quarter, compared to analyst estimates of $1.28 billion. As a group, analysts anticipate that Ovintiv will post -0.26 EPS for the current fiscal year.

In other Ovintiv news, Director Howard John Mayson sold 8,100 shares of Ovintiv stock in a transaction on Friday, September 25th. The shares were sold at an average price of $8.48, for a total value of $68,688.00. Following the completion of the sale, the director now directly owns 16,121 shares of the company’s stock, valued at $136,706.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Rachel Maureen Moore purchased 6,000 shares of the firm’s stock in a transaction on Friday, October 2nd. The stock was bought at an average cost of $7.42 per share, with a total value of $44,520.00. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 9,200 shares of company stock worth $73,680. 1.28% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. AXA bought a new stake in Ovintiv in the first quarter valued at $28,000. Guggenheim Capital LLC bought a new stake in Ovintiv in the first quarter valued at $31,000. Engineers Gate Manager LP bought a new stake in shares of Ovintiv during the first quarter worth about $37,000. Tudor Investment Corp Et Al bought a new stake in shares of Ovintiv during the first quarter worth about $39,000. Finally, APG Asset Management N.V. bought a new stake in shares of Ovintiv during the first quarter worth about $46,000. 71.83% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

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Analyst Recommendations for Ovintiv (NYSE:OVV)

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