Royal Bank Of Canada Reiterates Sector Perform Rating for Ovintiv (NYSE:OVV)

Ovintiv (NYSE:OVV)‘s stock had its “sector perform” rating restated by analysts at Royal Bank Of Canada in a research report issued to clients and investors on Friday,MarketScreener reports. They presently have a $55.00 price objective on the stock. Royal Bank Of Canada’s target price indicates a potential upside of 27.40% from the stock’s previous close.

A number of other brokerages have also weighed in on OVV. UBS Group increased their target price on Ovintiv from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Barclays boosted their price objective on Ovintiv from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, July 25th. Citigroup set a $54.00 target price on Ovintiv and gave the stock a “buy” rating in a report on Wednesday, July 2nd. The Goldman Sachs Group raised shares of Ovintiv from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Finally, Wells Fargo & Company decreased their price objective on shares of Ovintiv from $46.00 to $41.00 and set an “equal weight” rating for the company in a report on Monday, June 16th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $52.69.

Ovintiv Trading Up 1.1%

Shares of NYSE OVV opened at $43.17 on Friday. Ovintiv has a twelve month low of $29.80 and a twelve month high of $47.18. The stock has a market capitalization of $11.10 billion, a PE ratio of 19.10, a PEG ratio of 5.55 and a beta of 1.08. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. The stock has a fifty day simple moving average of $40.94 and a 200-day simple moving average of $38.97.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.The business had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.92 billion. On average, equities analysts forecast that Ovintiv will post 5.59 earnings per share for the current year.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors have recently added to or reduced their stakes in OVV. IFP Advisors Inc increased its holdings in shares of Ovintiv by 316.7% during the second quarter. IFP Advisors Inc now owns 846 shares of the company’s stock valued at $32,000 after acquiring an additional 643 shares in the last quarter. Dogwood Wealth Management LLC bought a new position in shares of Ovintiv in the second quarter valued at approximately $35,000. Harbour Investments Inc. lifted its position in Ovintiv by 143.8% during the first quarter. Harbour Investments Inc. now owns 919 shares of the company’s stock valued at $39,000 after purchasing an additional 542 shares during the last quarter. Gen Wealth Partners Inc increased its stake in shares of Ovintiv by 91.8% in the first quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company’s stock worth $43,000 after buying an additional 484 shares during the period. Finally, MAI Capital Management increased its position in Ovintiv by 174.6% during the 2nd quarter. MAI Capital Management now owns 1,170 shares of the company’s stock valued at $45,000 after purchasing an additional 744 shares during the period. 83.81% of the stock is owned by institutional investors.

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.