Citigroup Downgrades Ovintiv (TSE:OVV) to Hold

Ovintiv (TSE:OVV) was downgraded by investment analysts at Citigroup from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday,Zacks.com reports.

A number of other brokerages also recently weighed in on OVV. Scotiabank upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. Stephens upgraded shares of Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. TD Cowen upgraded shares of Ovintiv to a “strong-buy” rating in a report on Monday, February 9th. Finally, Truist Financial raised shares of Ovintiv to a “strong-buy” rating in a research report on Monday, March 23rd. Five analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy”.

Ovintiv Trading Down 2.0%

TSE OVV opened at C$84.47 on Friday. Ovintiv has a 12 month low of C$42.35 and a 12 month high of C$86.86. The stock has a 50-day simple moving average of C$68.43 and a 200 day simple moving average of C$59.47. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 67.25. The company has a market capitalization of C$23.93 billion, a PE ratio of 17.67, a P/E/G ratio of 0.05 and a beta of 1.06.

Ovintiv (TSE:OVV) last issued its earnings results on Monday, February 23rd. The company reported C$5.10 earnings per share (EPS) for the quarter. The firm had revenue of C$2.81 billion for the quarter. Ovintiv had a return on equity of 11.86% and a net margin of 14.13%. Research analysts forecast that Ovintiv will post 5.6577693 EPS for the current year.

Ovintiv Company Profile

Ovintiv Inc is an oil and natural gas company actively engaged in the exploration for, and the development and production of, oil and natural gas reserves in the province of Alberta. Ovintiv’s primary focus is on the scalable and repeatable condensate-rich Montney formation in the Pipestone and Wapiti areas of the Alberta Deep Basin.