Siebert Williams Shank Upgrades Ovintiv (NYSE:OVV) to Strong-Buy

Ovintiv (NYSE:OVV) was upgraded by investment analysts at Siebert Williams Shank to a “strong-buy” rating in a note issued to investors on Tuesday, Zacks.com reports.

A number of other brokerages have also issued reports on OVV. Scotiabank increased their target price on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research report on Friday, July 12th. JPMorgan Chase & Co. cut their price target on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Mizuho lowered their price objective on Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Evercore ISI dropped their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Finally, Citigroup reduced their target price on Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $57.00.

Ovintiv Stock Performance

OVV opened at $41.10 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The business has a fifty day simple moving average of $41.47 and a 200 day simple moving average of $46.36. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The company has a market capitalization of $10.97 billion, a PE ratio of 5.74, a price-to-earnings-growth ratio of 8.02 and a beta of 2.61.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Research analysts expect that Ovintiv will post 4.9 EPS for the current year.

Hedge Funds Weigh In On Ovintiv

Several large investors have recently bought and sold shares of the company. American National Bank acquired a new position in shares of Ovintiv in the first quarter valued at approximately $27,000. Innealta Capital LLC bought a new stake in Ovintiv during the 2nd quarter worth approximately $39,000. Geneos Wealth Management Inc. increased its position in Ovintiv by 53.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after acquiring an additional 300 shares during the period. UMB Bank n.a. raised its stake in shares of 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 acquiring an additional 286 shares during the last quarter. Finally, Atlas Capital Advisors LLC bought a new position in shares of Ovintiv during the first quarter valued at $74,000. 83.81% of the stock is currently 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.