Ovintiv (NYSE:OVV) Lowered to “Hold” Rating by Wall Street Zen

Ovintiv (NYSE:OVV) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Sunday.

OVV has been the subject of a number of other research reports. The Goldman Sachs Group upped their target price on Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. Scotiabank upgraded Ovintiv from an “outperform” rating to a “buy” rating in a report on Wednesday, May 20th. Wells Fargo & Company upped their target price on Ovintiv from $55.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, May 14th. Zacks Research upgraded Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. Finally, National Bank Financial upped their target price on Ovintiv from $80.00 to $82.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Ovintiv Stock Performance

NYSE:OVV opened at $57.33 on Friday. The firm has a market cap of $16.11 billion, a PE ratio of 18.49 and a beta of 0.53. Ovintiv has a fifty-two week low of $35.47 and a fifty-two week high of $63.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. The business has a 50 day moving average price of $57.76 and a 200-day moving average price of $49.84.

Ovintiv (NYSE:OVV) last announced its earnings results on Monday, May 11th. The company reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.15. The company had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. Equities research analysts predict that Ovintiv will post 8.15 earnings per share for the current year.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors have recently added to or reduced their stakes in OVV. Integrated Wealth Concepts LLC raised its holdings in Ovintiv by 70.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after purchasing an additional 3,788 shares in the last quarter. Great Lakes Advisors LLC bought a new position in Ovintiv in the first quarter worth $202,000. Focus Partners Wealth raised its holdings in Ovintiv by 49.3% in the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock worth $825,000 after purchasing an additional 6,364 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in Ovintiv by 47.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after purchasing an additional 589 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Ovintiv by 103.2% during the second quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock valued at $126,000 after acquiring an additional 1,675 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.