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

Ovintiv (NYSE:OVV - Get Free Report) had its target price dropped by research analysts at Wells Fargo & Company from $48.00 to $42.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective would indicate a potential upside of 7.75% from the stock's previous close.

Other equities analysts have also recently issued reports about the company. Evercore ISI reduced 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. Morgan Stanley decreased their price objective on shares of Ovintiv from $53.00 to $51.00 and set an "equal weight" rating on the stock in a research report on Monday, September 16th. Mizuho dropped their target price on shares of Ovintiv from $63.00 to $60.00 and set an "outperform" rating for the company in a report on Monday. Truist Financial upped their price target on shares of Ovintiv from $57.00 to $59.00 and gave the company a "buy" rating in a report on Friday, November 15th. Finally, Siebert Williams Shank raised shares of Ovintiv to a "strong-buy" rating in a research note on Tuesday, October 15th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $56.59.

Ovintiv Price Performance

Shares of NYSE OVV traded down $0.79 during midday trading on Tuesday, hitting $38.98. The company had a trading volume of 2,636,520 shares, compared to its average volume of 3,068,679. The firm has a market capitalization of $10.15 billion, a price-to-earnings ratio of 5.17 and a beta of 2.63. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95. The business has a 50-day simple moving average of $42.19 and a two-hundred day simple moving average of $43.39. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Institutional Trading of Ovintiv

Several institutional investors have recently made changes to their positions in the stock. True Wealth Design LLC raised its stake in shares of Ovintiv by 3,180.0% in the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company's stock valued at $25,000 after acquiring an additional 636 shares during the period. Innealta Capital LLC acquired a new stake in Ovintiv in the 2nd quarter valued at $39,000. UMB Bank n.a. raised its position in Ovintiv by 27.7% in 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 period. International Assets Investment Management LLC purchased a new stake in shares of Ovintiv in the second quarter worth about $69,000. Finally, Transamerica Financial Advisors Inc. purchased a new stake in shares of Ovintiv in the third quarter worth about $65,000. 83.81% of the stock is 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.