Wells Fargo & Company Issues Pessimistic Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its target price dropped by analysts at Wells Fargo & Company from $48.00 to $42.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 9.46% from the stock’s current price.

Other analysts have also issued reports about the company. Citigroup decreased their price target on Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Evercore ISI lowered their price target on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. UBS Group cut their price objective on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Barclays boosted their price objective on Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Truist Financial lifted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $56.59.

Ovintiv Trading Down 3.5 %

Shares of OVV traded down $1.40 on Tuesday, hitting $38.37. 227,761 shares of the stock traded hands, compared to its average volume of 3,058,159. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The stock’s 50 day moving average is $42.25 and its two-hundred day moving average is $43.48. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $9.99 billion, a P/E ratio of 5.09 and a beta of 2.63.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Drive Wealth Management LLC lifted its stake in Ovintiv by 2.5% in the third quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock valued at $395,000 after acquiring an additional 251 shares during the last quarter. CIBC Asset Management Inc boosted its position in Ovintiv by 3.7% during the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock worth $304,000 after purchasing an additional 280 shares during the period. UMB Bank n.a. grew its holdings in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after purchasing an additional 286 shares during the last quarter. OneDigital Investment Advisors LLC raised its position in shares of Ovintiv by 5.2% in the third quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock valued at $231,000 after purchasing an additional 298 shares during the period. Finally, Stifel Financial Corp lifted its stake in shares of Ovintiv by 1.6% in the third quarter. Stifel Financial Corp now owns 20,385 shares of the company’s stock worth $781,000 after buying an additional 322 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other 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.