Ovintiv (NYSE:OVV) Price Target Cut to $61.00 by Analysts at UBS Group

Ovintiv (NYSE:OVV) had its price objective lowered by analysts at UBS Group from $66.00 to $61.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price target suggests a potential upside of 43.80% from the stock’s current price.

OVV has been the topic of a number of other reports. Bank of America reiterated a “neutral” rating and set a $55.00 price objective on shares of Ovintiv in a research note on Friday, June 14th. Truist Financial raised their price target on shares of Ovintiv from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Evercore ISI reaffirmed an “outperform” rating and issued a $60.00 price target on shares of Ovintiv in a report on Wednesday, July 10th. Wells Fargo & Company decreased their price target on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Finally, Wolfe Research began coverage on shares of Ovintiv in a report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price target for the company. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $60.56.

Ovintiv Trading Down 0.1 %

NYSE:OVV traded down $0.06 during mid-day trading on Friday, hitting $42.42. 245,063 shares of the stock traded hands, compared to its average volume of 3,048,025. The stock has a market capitalization of $11.33 billion, a price-to-earnings ratio of 5.92, a PEG ratio of 7.30 and a beta of 2.63. Ovintiv has a 52 week low of $38.99 and a 52 week high of $55.95. The firm’s 50 day moving average is $46.50 and its two-hundred day moving average is $48.10. The company has a quick ratio of 0.52, a current ratio of 0.44 and a debt-to-equity ratio of 0.47.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.58 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. On average, equities research analysts predict that Ovintiv will post 5.69 earnings per share for the current year.

Insider Transactions at Ovintiv

In other news, Director Howard John Mayson sold 4,000 shares of the stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares in the company, valued at approximately $2,315,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Howard John Mayson sold 4,000 shares of the stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares in the company, valued at approximately $2,315,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven W. Nance sold 12,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $50.00, for a total transaction of $600,000.00. Following the transaction, the director now owns 8,929 shares of the company’s stock, valued at $446,450. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently made changes to their positions in OVV. American National Bank purchased a new position in shares of Ovintiv in the 1st quarter worth $27,000. Avalon Trust Co purchased a new stake in shares of Ovintiv during the 4th quarter worth about $34,000. Innealta Capital LLC acquired a new stake in Ovintiv during the 2nd quarter worth approximately $39,000. Geneos Wealth Management Inc. boosted its position in Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares during the period. Finally, Creekmur Asset Management LLC purchased a new stake in shares of Ovintiv in the fourth quarter worth about $68,000. 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.