Wall Street Zen Downgrades Ovintiv (NYSE:OVV) to Hold

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

Several other research firms have also issued reports on OVV. Royal Bank Of Canada set a $70.00 price objective on Ovintiv and gave the company an “outperform” rating in a research note on Monday, June 22nd. Texas Capital upgraded Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. Bank of America raised their price target on Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Roth Mkm lifted their price objective on shares of Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 24th. Finally, Scotiabank upgraded shares of Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.32.

Ovintiv Stock Performance

Ovintiv stock opened at $53.24 on Tuesday. The company’s 50-day moving average price is $56.94 and its 200-day moving average price is $50.86. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. The company has a market cap of $14.96 billion, a PE ratio of 17.17 and a beta of 0.53. Ovintiv has a twelve month low of $35.47 and a twelve month high of $63.46.

Ovintiv (NYSE:OVV) last announced its quarterly 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 firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. On average, equities research analysts forecast that Ovintiv will post 8.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently modified their holdings of OVV. Citigroup Inc. boosted its position in Ovintiv by 42.1% in the 3rd quarter. Citigroup Inc. now owns 174,090 shares of the company’s stock valued at $7,030,000 after buying an additional 51,562 shares during the period. BCS Private Wealth Management Inc. purchased a new position in shares of Ovintiv during the fourth quarter worth approximately $976,000. Dynamic Technology Lab Private Ltd increased its position in shares of Ovintiv by 670.2% during the third quarter. Dynamic Technology Lab Private Ltd now owns 44,972 shares of the company’s stock worth $1,816,000 after acquiring an additional 39,133 shares during the period. UBS Group AG raised its stake in shares of Ovintiv by 8.3% during the fourth quarter. UBS Group AG now owns 997,177 shares of the company’s stock valued at $39,079,000 after acquiring an additional 76,846 shares in the last quarter. Finally, TrueMark Investments LLC bought a new stake in shares of Ovintiv during the fourth quarter valued at approximately $889,000. 83.81% of the stock is owned by institutional investors.

About Ovintiv

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.