Ovintiv (NYSE:OVV) Given New $51.00 Price Target at JPMorgan Chase & Co.

Ovintiv (NYSE:OVV) had its target price cut by JPMorgan Chase & Co. from $60.00 to $51.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 31.07% from the stock’s current price.

Several other research firms have also weighed in on OVV. Royal Bank of Canada dropped their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a report on Thursday, August 1st. UBS Group dropped their price objective on shares of Ovintiv from $66.00 to $61.00 and set a “buy” rating for the company in a report on Friday, August 9th. Truist Financial raised their price target on shares of Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Bank of America reissued a “neutral” rating and issued a $55.00 price target on shares of Ovintiv in a report on Friday, June 14th. Finally, Evercore ISI reissued an “outperform” rating and issued a $60.00 price target on shares of Ovintiv in a report on Wednesday, July 10th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and a consensus price target of $60.17.

Ovintiv Price Performance

Shares of NYSE OVV traded up $0.19 during mid-day trading on Thursday, hitting $38.91. 1,864,563 shares of the stock were exchanged, compared to its average volume of 2,980,000. The company has a market cap of $10.39 billion, a P/E ratio of 5.41, a PEG ratio of 6.48 and a beta of 2.62. The stock’s fifty day simple moving average is $44.08 and its two-hundred day simple moving average is $48.01. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. Ovintiv has a twelve month low of $37.81 and a twelve month high of $55.95.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. As a group, analysts forecast that Ovintiv will post 5.81 EPS for the current fiscal year.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Ovintiv by 3.8% during the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after purchasing an additional 1,024,931 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Ovintiv by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock worth $180,194,000 after purchasing an additional 142,296 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Ovintiv by 114.9% during the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock worth $141,889,000 after purchasing an additional 1,618,556 shares in the last quarter. Balyasny Asset Management L.P. boosted its position in shares of Ovintiv by 1,560.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock worth $63,738,000 after purchasing an additional 1,363,865 shares in the last quarter. Finally, Westfield Capital Management Co. LP boosted its position in shares of Ovintiv by 3.2% during the fourth quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock worth $63,563,000 after purchasing an additional 44,241 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

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.