Ovintiv (NYSE:OVV) Price Target Lowered to $52.00 at Wells Fargo & Company

Ovintiv (NYSE:OVV) had its price objective decreased by equities research analysts at Wells Fargo & Company from $54.00 to $52.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 12.34% from the stock’s current price.

OVV has been the subject of several other research reports. UBS Group increased their price target on shares of Ovintiv from $69.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. TD Cowen increased their price target on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Morgan Stanley increased their price target on shares of Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Evercore ISI restated an “outperform” rating and set a $60.00 price target on shares of Ovintiv in a research report on Wednesday, July 10th. Finally, Barclays assumed coverage on shares of Ovintiv in a research report on Wednesday, April 10th. They set an “overweight” rating and a $69.00 price target for the company. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.33.

Ovintiv Stock Performance

NYSE OVV opened at $46.29 on Monday. Ovintiv has a 1 year low of $39.68 and a 1 year high of $55.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.52 and a quick ratio of 0.52. The firm has a market cap of $12.36 billion, a price-to-earnings ratio of 6.47 and a beta of 2.63. The company has a fifty day moving average price of $47.80 and a 200-day moving average price of $47.98.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.12. The firm had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.58 billion. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. As a group, equities research analysts predict that Ovintiv will post 6.02 EPS for the current fiscal year.

Insider Buying and Selling at Ovintiv

In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of Ovintiv stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $50.00, for a total transaction of $600,000.00. Following the completion of the sale, the director now directly owns 8,929 shares in the company, valued at $446,450. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of Ovintiv stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $50.00, for a total transaction of $600,000.00. Following the completion of the sale, the director now directly owns 8,929 shares in the company, valued at $446,450. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $51.14, for a total transaction of $204,560.00. Following the sale, the director now owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in OVV. Quent Capital LLC raised its stake in shares of Ovintiv by 151.3% during the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after acquiring an additional 351 shares in the last quarter. American National Bank purchased a new position in shares of Ovintiv during the first quarter worth approximately $27,000. Avalon Trust Co purchased a new position in shares of Ovintiv during the fourth quarter worth approximately $34,000. Geneos Wealth Management Inc. raised its stake in shares of Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after acquiring an additional 300 shares in the last quarter. Finally, Creekmur Asset Management LLC purchased a new position in shares of Ovintiv during the fourth quarter worth approximately $68,000. 83.81% of the stock is owned by hedge funds and other 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.