Wells Fargo & Company Issues Positive Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its price objective raised by equities researchers at Wells Fargo & Company from $38.00 to $42.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 7.61% from the stock’s previous close.

Several other equities analysts also recently issued reports on the company. Citigroup cut their price objective on Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ovintiv in a research note on Monday. Morgan Stanley lowered their price target on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a report on Tuesday, October 14th. Zacks Research raised Ovintiv from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Finally, UBS Group boosted their target price on Ovintiv from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.82.

Ovintiv Stock Performance

NYSE OVV traded up $0.83 during midday trading on Tuesday, hitting $39.03. The company had a trading volume of 1,819,054 shares, compared to its average volume of 3,470,047. The stock has a market cap of $9.88 billion, a price-to-earnings ratio of 17.28, a P/E/G ratio of 1.89 and a beta of 1.00. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $47.18. The firm has a fifty day simple moving average of $39.22 and a two-hundred day simple moving average of $39.25.

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

Hedge Funds Weigh In On Ovintiv

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

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.