Ovintiv (NYSE:OVV) Given New $45.00 Price Target at JPMorgan Chase & Co.

Ovintiv (NYSE:OVV - Get Free Report) had its price target lowered by equities researchers at JPMorgan Chase & Co. from $56.00 to $45.00 in a report issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 16.34% from the stock's previous close.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company reduced their price objective on Ovintiv from $48.00 to $42.00 and set an "equal weight" rating for the company in a research note on Tuesday, December 17th. Scotiabank raised their price objective on Ovintiv from $50.00 to $53.00 and gave the company a "sector outperform" rating in a research note on Monday, November 18th. Williams Trading set a $58.00 target price on Ovintiv in a research report on Wednesday, March 5th. Bank of America raised Ovintiv from a "neutral" rating to a "buy" rating and cut their target price for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Finally, Truist Financial lifted their target price on Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $56.61.

Remove Ads

Ovintiv Price Performance

OVV traded down $1.07 on Thursday, reaching $38.68. The stock had a trading volume of 1,424,532 shares, compared to its average volume of 2,832,135. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $10.07 billion, a price-to-earnings ratio of 5.13 and a beta of 2.55. Ovintiv has a fifty-two week low of $36.62 and a fifty-two week high of $55.95. The firm has a 50-day moving average of $42.96 and a 200-day moving average of $41.89.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC boosted its holdings in shares of Ovintiv by 7.3% in the 3rd quarter. Janney Montgomery Scott LLC now owns 29,959 shares of the company's stock worth $1,148,000 after purchasing an additional 2,051 shares in the last quarter. Covestor Ltd raised its position in shares of Ovintiv by 43.9% in the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company's stock worth $70,000 after acquiring an additional 560 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Ovintiv by 1.0% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 504,762 shares of the company's stock worth $19,337,000 after acquiring an additional 5,055 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Ovintiv by 42.6% in the 3rd quarter. Victory Capital Management Inc. now owns 1,174,397 shares of the company's stock worth $44,991,000 after buying an additional 350,909 shares during the last quarter. Finally, KBC Group NV grew its stake in shares of Ovintiv by 8.9% in the 3rd quarter. KBC Group NV now owns 333,207 shares of the company's stock worth $12,765,000 after buying an additional 27,338 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.