Royal Bank Of Canada Upgrades Ovintiv (NYSE:OVV) to “Outperform”

Ovintiv (NYSE:OVV) was upgraded by equities researchers at Royal Bank Of Canada from a “sector perform” rating to an “outperform” rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The firm presently has a $55.00 price objective on the stock. Royal Bank Of Canada’s price objective suggests a potential upside of 51.02% from the company’s previous close.

OVV has been the subject of a number of other reports. Mizuho cut their price objective on Ovintiv from $58.00 to $50.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. Barclays lowered their price target on shares of Ovintiv from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. JPMorgan Chase & Co. reduced their price objective on shares of Ovintiv from $50.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, October 3rd. UBS Group raised their price objective on shares of Ovintiv from $51.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Ovintiv in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $51.29.

Ovintiv Trading Down 2.3%

NYSE:OVV opened at $36.42 on Wednesday. Ovintiv has a one year low of $29.80 and a one year high of $47.18. The business has a fifty day moving average price of $40.54 and a 200-day moving average price of $38.70. The firm has a market capitalization of $9.36 billion, a price-to-earnings ratio of 16.12, a price-to-earnings-growth ratio of 5.34 and a beta of 0.97. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43.

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

Institutional Trading of Ovintiv

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ellsworth Advisors LLC purchased a new stake in Ovintiv in the 3rd quarter worth $3,866,000. CWM LLC grew its position in shares of Ovintiv by 820.4% during the third quarter. CWM LLC now owns 188,866 shares of the company’s stock valued at $7,626,000 after purchasing an additional 168,346 shares in the last quarter. Net Worth Advisory Group bought a new stake in shares of Ovintiv in the third quarter worth about $311,000. Farther Finance Advisors LLC increased its holdings in shares of Ovintiv by 12.6% in the third quarter. Farther Finance Advisors LLC now owns 4,600 shares of the company’s stock worth $186,000 after purchasing an additional 515 shares during the last quarter. Finally, Foundation Resource Management Inc. lifted its position in shares of Ovintiv by 1.2% in the third quarter. Foundation Resource Management Inc. now owns 91,523 shares of the company’s stock worth $3,696,000 after buying an additional 1,124 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Company Profile

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.