Ovintiv (NYSE:OVV) Price Target Raised to $56.00 at National Bankshares

Ovintiv (NYSE:OVV) had its target price raised by research analysts at National Bankshares from $51.00 to $56.00 in a report issued on Thursday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. National Bankshares’ price objective points to a potential upside of 27.19% from the stock’s previous close.

A number of other equities research analysts have also commented on OVV. Scotiabank increased their price target on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research report on Monday, November 18th. Barclays raised their target price on Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday. Mizuho decreased their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Citigroup dropped their target price on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Finally, UBS Group dropped their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and an average price target of $56.88.

Ovintiv Price Performance

Shares of Ovintiv stock traded down $0.14 during midday trading on Thursday, hitting $44.03. 212,236 shares of the company were exchanged, compared to its average volume of 2,412,489. The firm has a 50 day simple moving average of $42.59 and a 200-day simple moving average of $42.35. Ovintiv has a 52 week low of $36.90 and a 52 week high of $55.95. The firm has a market cap of $11.46 billion, a P/E ratio of 5.85 and a beta of 2.63. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv (NYSE:OVV) last issued its earnings results on Thursday, November 7th. The company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.09 by $0.76. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The company had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter in the previous year, the company earned $1.74 EPS. Research analysts forecast that Ovintiv will post 5.58 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Hotchkis & Wiley Capital Management LLC grew its position in shares of Ovintiv by 17.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after acquiring an additional 1,207,610 shares during the period. Pacer Advisors Inc. grew its holdings in Ovintiv by 11,282.4% during the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after purchasing an additional 6,486,159 shares during the period. Smead Capital Management Inc. increased its position in Ovintiv by 3.5% during the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after buying an additional 212,535 shares during the last quarter. Geode Capital Management LLC raised its stake in Ovintiv by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after buying an additional 205,409 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Ovintiv by 7.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company’s stock worth $71,587,000 after acquiring an additional 133,192 shares during the period. Institutional investors own 83.81% of the company’s stock.

About Ovintiv

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.