Ovintiv (TSE:OVV) Raised to Strong-Buy at Wells Fargo & Company

Ovintiv (TSE:OVV) was upgraded by stock analysts at Wells Fargo & Company from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other research analysts have also issued reports on OVV. Truist Financial upgraded shares of Ovintiv to a “strong-buy” rating in a report on Monday, March 23rd. Citigroup raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$70.00 price objective on the stock in a research note on Wednesday, May 20th. Seven analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Strong Buy” and a consensus target price of C$70.00.

Ovintiv Stock Performance

Ovintiv stock opened at C$77.15 on Monday. Ovintiv has a fifty-two week low of C$50.13 and a fifty-two week high of C$86.86. The company has a market capitalization of C$21.68 billion, a price-to-earnings ratio of 25.38, a PEG ratio of 0.05 and a beta of 0.44. The stock has a fifty day moving average of C$78.82 and a two-hundred day moving average of C$69.44. The company has a debt-to-equity ratio of 66.59, a quick ratio of 0.51 and a current ratio of 0.56.

Ovintiv (TSE:OVV) last issued its quarterly earnings data on Monday, May 11th. The company reported C($3.27) earnings per share (EPS) for the quarter. The company had revenue of C$3.52 billion during the quarter. Ovintiv had a net margin of 8.59% and a return on equity of 7.13%. On average, analysts anticipate that Ovintiv will post 5.6577693 EPS for the current fiscal year.

Ovintiv Company Profile

Ovintiv Inc is an oil and natural gas company actively engaged in the exploration for, and the development and production of, oil and natural gas reserves in the province of Alberta. Ovintiv’s primary focus is on the scalable and repeatable condensate-rich Montney formation in the Pipestone and Wapiti areas of the Alberta Deep Basin.