Ovintiv (NYSE:OVV) Now Covered by Analysts at William Blair

Equities research analysts at William Blair initiated coverage on shares of Ovintiv (NYSE:OVV) in a report issued on Wednesday, MarketBeat reports. The brokerage set an “outperform” rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Morgan Stanley lowered their target price on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a report on Tuesday, October 14th. JPMorgan Chase & Co. lowered 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 increased their target price on shares of Ovintiv from $52.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 21st. Evercore ISI reaffirmed an “outperform” rating and issued a $47.00 price target on shares of Ovintiv in a research note on Thursday, November 6th. Finally, National Bankshares reduced their target price on Ovintiv from $66.00 to $62.00 and set an “outperform” rating for the company in a research note on Wednesday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $51.83.

Ovintiv Stock Up 3.6%

Shares of NYSE OVV opened at $40.44 on Wednesday. The company’s 50 day moving average price is $38.84 and its 200-day moving average price is $39.43. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. Ovintiv has a 52-week low of $29.80 and a 52-week high of $46.45. The company has a market capitalization of $10.24 billion, a P/E ratio of 17.89, a price-to-earnings-growth ratio of 1.89 and a beta of 1.00.

Ovintiv (NYSE:OVV) last released its earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.06. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The business had revenue of $2.07 billion for the quarter, compared to analyst estimates of $1.86 billion. Equities analysts forecast that Ovintiv will post 5.59 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OVV. Burney Co. increased its position in Ovintiv by 690.5% in the second quarter. Burney Co. now owns 67,091 shares of the company’s stock worth $2,553,000 after buying an additional 58,604 shares during the last quarter. Atlas Capital Advisors Inc. grew its stake in shares of Ovintiv by 1,681.1% during the 1st quarter. Atlas Capital Advisors Inc. now owns 13,875 shares of the company’s stock worth $594,000 after acquiring an additional 13,096 shares during the period. BNP Paribas Financial Markets increased its holdings in Ovintiv by 54.3% in the 1st quarter. BNP Paribas Financial Markets now owns 962,871 shares of the company’s stock worth $41,211,000 after acquiring an additional 338,866 shares during the last quarter. Raymond James Financial Inc. increased its holdings in Ovintiv by 204.2% in the 1st quarter. Raymond James Financial Inc. now owns 583,839 shares of the company’s stock worth $24,988,000 after acquiring an additional 391,923 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Ovintiv by 11.0% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 241,568 shares of the company’s stock valued at $9,192,000 after acquiring an additional 23,968 shares during the period. Hedge funds and other 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.