Ovintiv (NYSE:OVV) Raised to “Hold” at Zacks Research

Ovintiv (NYSE:OVV) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other analysts have also commented on the company. UBS Group lifted their target price on Ovintiv from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. National Bankshares reduced their price objective on Ovintiv from $66.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday, October 22nd. Royal Bank Of Canada set a $55.00 target price on Ovintiv and gave the company an “outperform” rating in a report on Wednesday, October 15th. Wells Fargo & Company cut their price target on Ovintiv from $46.00 to $38.00 and set an “equal weight” rating for the company in a research note on Friday, October 17th. Finally, Roth Capital initiated coverage on shares of Ovintiv in a research report on Monday, October 13th. They set a “neutral” rating and a $42.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.71.

Ovintiv Stock Up 0.8%

Shares of NYSE:OVV traded up $0.32 during midday trading on Wednesday, reaching $39.13. The company’s stock had a trading volume of 4,188,838 shares, compared to its average volume of 3,482,260. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. The firm has a 50 day moving average of $39.31 and a 200-day moving average of $39.13. The firm has a market capitalization of $9.91 billion, a P/E ratio of 17.31, a PEG ratio of 1.89 and a beta of 1.00. Ovintiv has a 12-month low of $29.80 and a 12-month high of $47.18.

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

Institutional Trading of Ovintiv

Several institutional investors and hedge funds have recently modified their holdings of OVV. McIlrath & Eck LLC purchased a new stake in Ovintiv in the 3rd quarter worth $31,000. IFP Advisors Inc boosted its stake in shares of Ovintiv by 316.7% in the second quarter. IFP Advisors Inc now owns 846 shares of the company’s stock worth $32,000 after acquiring an additional 643 shares during the period. Dogwood Wealth Management LLC purchased a new stake in shares of Ovintiv during the second quarter worth about $35,000. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Ovintiv during the third quarter worth about $36,000. Finally, HM Payson & Co. bought a new stake in Ovintiv during the 3rd quarter valued at approximately $36,000. 83.81% of the stock is currently owned by institutional investors.

About Ovintiv

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.