Ovintiv (NYSE:OVV) had its price objective hoisted by investment analysts at Barclays from $13.00 to $17.00 in a report released on Thursday, The Fly reports. The brokerage currently has an “underweight” rating on the stock. Barclays‘s target price would indicate a potential downside of 4.71% from the company’s current price.

Several other research firms have also issued reports on OVV. TD Securities lifted their target price on Ovintiv from $9.00 to $9.50 and gave the company a “hold” rating in a research note on Thursday, October 29th. CIBC upgraded Ovintiv from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $12.00 to $19.00 in a research note on Wednesday, December 16th. Royal Bank of Canada reiterated a “hold” rating on shares of Ovintiv in a research note on Thursday, November 5th. Morgan Stanley lifted their target price on Ovintiv from $11.00 to $17.00 and gave the company an “equal weight” rating in a research note on Friday, December 11th. Finally, MKM Partners lifted their target price on Ovintiv from $13.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, November 2nd. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $13.85.

Shares of Ovintiv stock traded up $0.45 during trading on Thursday, hitting $17.84. 255,607 shares of the stock traded hands, compared to its average volume of 4,602,718. The firm has a market cap of $4.63 billion, a P/E ratio of -1.20 and a beta of 4.09. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.25. Ovintiv has a 52-week low of $2.10 and a 52-week high of $22.20. The stock’s fifty day simple moving average is $14.37 and its 200 day simple moving average is $11.51.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Wednesday, October 28th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.13. Ovintiv had a positive return on equity of 3.58% and a negative net margin of 56.12%. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.38 billion. As a group, equities analysts expect that Ovintiv will post -0.26 EPS for the current year.

Large investors have recently modified their holdings of the company. Amundi Pioneer Asset Management Inc. raised its stake in Ovintiv by 318.4% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 797,623 shares of the company’s stock valued at $5,775,000 after buying an additional 606,969 shares in the last quarter. Morgan Stanley bought a new stake in shares of Ovintiv during the 1st quarter worth approximately $3,728,000. Bank of New York Mellon Corp raised its stake in shares of Ovintiv by 291.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,261,039 shares of the company’s stock worth $12,044,000 after purchasing an additional 938,547 shares in the last quarter. Federated Hermes Inc. bought a new stake in shares of Ovintiv during the 2nd quarter worth approximately $176,000. Finally, Advisor Group Holdings Inc. raised its stake in shares of Ovintiv by 33.2% during the 2nd quarter. Advisor Group Holdings Inc. now owns 20,880 shares of the company’s stock worth $199,000 after purchasing an additional 5,203 shares in the last quarter. Hedge funds and other institutional investors own 71.83% of the company’s stock.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

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Analyst Recommendations for Ovintiv (NYSE:OVV)

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