Ovintiv (NYSE:OVV) Price Target Cut to $54.00 by Analysts at Citigroup

Ovintiv (NYSE:OVVGet Free Report) had its target price dropped by analysts at Citigroup from $55.00 to $54.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 18.79% from the company’s previous close.

A number of other research analysts have also issued reports on the stock. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Wells Fargo & Company reduced their price objective on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 1st. Evercore ISI decreased their price target on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. Morgan Stanley cut their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Finally, Scotiabank upped their target price on shares of Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a report on Monday, November 18th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.65.

Check Out Our Latest Research Report on OVV

Ovintiv Stock Performance

Ovintiv stock traded down $0.29 during trading hours on Tuesday, reaching $45.46. 435,469 shares of the company were exchanged, compared to its average volume of 3,076,786. Ovintiv has a 12 month low of $36.90 and a 12 month high of $55.95. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a 50-day moving average of $41.51 and a 200 day moving average of $44.16. The firm has a market cap of $11.83 billion, a price-to-earnings ratio of 6.03 and a beta of 2.62.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds have recently added to or reduced their stakes in OVV. Public Employees Retirement System of Ohio grew its position in Ovintiv by 31.2% during the first quarter. Public Employees Retirement System of Ohio now owns 157,095 shares of the company’s stock valued at $8,153,000 after buying an additional 37,349 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in shares of Ovintiv in the 1st quarter worth approximately $1,149,000. B. Riley Wealth Advisors Inc. purchased a new position in Ovintiv in the first quarter valued at approximately $396,000. Tidal Investments LLC increased its position in Ovintiv by 7.0% in the first quarter. Tidal Investments LLC now owns 7,648 shares of the company’s stock worth $397,000 after buying an additional 497 shares during the last quarter. Finally, Plato Investment Management Ltd purchased a new position in shares of Ovintiv during the 1st quarter valued at $617,000. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Ovintiv (NYSE:OVV)

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