Ovintiv (NYSE:OVV) Given New $47.00 Price Target at Truist Financial

Ovintiv (NYSE:OVV) had its target price lowered by equities research analysts at Truist Financial from $62.00 to $47.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price indicates a potential upside of 16.51% from the company’s current price.

OVV has been the subject of several other reports. Bank of America reissued a “neutral” rating and issued a $55.00 target price on shares of Ovintiv in a research report on Friday, June 14th. Morgan Stanley reduced their price target on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Scotiabank increased their price target on shares of Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a report on Friday, July 12th. Royal Bank of Canada reduced 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. Finally, UBS Group reduced their price objective on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and a consensus target price of $58.17.

Ovintiv Stock Up 5.3 %

OVV stock opened at $40.34 on Monday. Ovintiv has a 52-week low of $36.90 and a 52-week high of $55.95. The company’s 50 day simple moving average is $41.82 and its 200-day simple moving average is $47.02. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The firm has a market capitalization of $10.63 billion, a P/E ratio of 5.63, a P/E/G ratio of 7.23 and a beta of 2.62.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.02. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. As a group, equities research analysts anticipate that Ovintiv will post 5.26 EPS for the current year.

Institutional Investors Weigh In On Ovintiv

Several institutional investors have recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in Ovintiv by 7.5% during the first quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock valued at $165,000 after purchasing an additional 220 shares during the period. Covestor Ltd grew its stake in shares of Ovintiv by 23.1% in the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock valued at $81,000 after acquiring an additional 293 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after acquiring an additional 300 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Ovintiv by 24.0% in the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock valued at $93,000 after acquiring an additional 347 shares in the last quarter. Finally, Cetera Investment Advisers grew its stake in Ovintiv by 1.0% during the second quarter. Cetera Investment Advisers now owns 37,466 shares of the company’s stock worth $1,756,000 after buying an additional 353 shares in the last quarter. Institutional investors and hedge funds 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.