Ovintiv (NYSE:OVV) Price Target Raised to $42.00 at Wells Fargo & Company

Ovintiv (NYSE:OVV) had its target price raised by equities research analysts at Wells Fargo & Company from $38.00 to $42.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 7.61% from the stock’s current price.

OVV has been the subject of several other research reports. Citigroup reduced their target price on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday. Roth Capital began coverage on shares of Ovintiv in a report on Monday, October 13th. They set a “neutral” rating and a $42.00 target price on the stock. Mizuho dropped their target price on Ovintiv from $58.00 to $50.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. Evercore ISI reiterated an “outperform” rating and issued a $47.00 price target on shares of Ovintiv in a research report on Thursday, November 6th. Finally, UBS Group raised their price objective on shares of Ovintiv from $51.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $51.82.

Ovintiv Trading Up 2.2%

Shares of Ovintiv stock traded up $0.83 on Tuesday, reaching $39.03. 1,819,054 shares of the company’s stock were exchanged, compared to its average volume of 3,470,047. The firm’s 50-day moving average is $39.22 and its two-hundred day moving average is $39.25. The company has a market capitalization of $9.88 billion, a P/E ratio of 17.28, a price-to-earnings-growth ratio of 1.89 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. Ovintiv has a 52 week low of $29.80 and a 52 week high of $47.18.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. The firm had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. Sell-side analysts predict that Ovintiv will post 5.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Ovintiv

Hedge funds have recently bought and sold shares of the business. New York State Common Retirement Fund lifted its holdings in Ovintiv by 4.3% during the first quarter. New York State Common Retirement Fund now owns 120,484 shares of the company’s stock worth $5,157,000 after buying an additional 5,000 shares during the period. Kestra Private Wealth Services LLC boosted its position in Ovintiv by 9.2% in the first quarter. Kestra Private Wealth Services LLC now owns 5,737 shares of the company’s stock valued at $246,000 after buying an additional 482 shares during the last quarter. Allianz Asset Management GmbH boosted its position in Ovintiv by 35.4% during the first quarter. Allianz Asset Management GmbH now owns 1,205,010 shares of the company’s stock worth $51,574,000 after purchasing an additional 314,974 shares in the last quarter. Obermeyer Wealth Partners acquired a new position in Ovintiv during the first quarter worth $212,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in Ovintiv by 2.7% in the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 125,556 shares of the company’s stock worth $5,374,000 after buying an additional 3,357 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

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.