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

Ovintiv (NYSE:OVV) had its price objective lowered by Wells Fargo & Company from $46.00 to $41.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential downside of 0.39% from the stock’s previous close.

OVV has been the subject of several other reports. Williams Trading set a $58.00 price objective on shares of Ovintiv in a research report on Wednesday, March 5th. BMO Capital Markets upgraded shares of Ovintiv from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $55.00 to $57.00 in a research report on Monday, March 24th. Morgan Stanley reiterated an “overweight” rating and issued a $50.00 price target on shares of Ovintiv in a research report on Tuesday, April 15th. JPMorgan Chase & Co. dropped their price target on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Mizuho dropped their price target on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $54.69.

Ovintiv Stock Down 1.7%

Shares of NYSE OVV traded down $0.71 during mid-day trading on Monday, hitting $41.16. The company had a trading volume of 930,290 shares, compared to its average volume of 3,379,117. The company has a market capitalization of $10.69 billion, a PE ratio of 5.46 and a beta of 1.09. The firm has a 50-day simple moving average of $35.84 and a two-hundred day simple moving average of $39.74. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a one year low of $29.80 and a one year high of $49.57.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.22. The business had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.23 billion. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. On average, equities analysts expect that Ovintiv will post 5.59 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of OVV. Allspring Global Investments Holdings LLC increased its holdings in shares of Ovintiv by 2,987.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 28,191 shares of the company’s stock worth $1,173,000 after buying an additional 27,278 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Ovintiv by 15.2% in the fourth quarter. Van ECK Associates Corp now owns 3,587 shares of the company’s stock worth $145,000 after purchasing an additional 473 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Ovintiv by 2.9% in the fourth quarter. Rhumbline Advisers now owns 759,036 shares of the company’s stock worth $30,741,000 after purchasing an additional 21,181 shares during the last quarter. Sanctuary Advisors LLC grew its stake in shares of Ovintiv by 36.7% in the fourth quarter. Sanctuary Advisors LLC now owns 13,654 shares of the company’s stock worth $599,000 after purchasing an additional 3,663 shares during the last quarter. Finally, CIBC Asset Management Inc grew its stake in shares of Ovintiv by 5.7% in the fourth quarter. CIBC Asset Management Inc now owns 8,386 shares of the company’s stock worth $340,000 after purchasing an additional 449 shares during the last quarter. 83.81% of the stock is currently 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.