JPMorgan Chase & Co. Cuts Ovintiv (NYSE:OVV) Price Target to $45.00

Ovintiv (NYSE:OVV) had its price objective cut by research analysts at JPMorgan Chase & Co. from $56.00 to $45.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 16.34% from the stock’s previous close.

A number of other research firms have also recently commented on OVV. Truist Financial raised their price target on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Citigroup decreased their price target on Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Barclays raised their price target on Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Scotiabank raised their price objective on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Finally, Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and cut their price objective for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.61.

Ovintiv Price Performance

NYSE:OVV traded down $1.07 on Thursday, reaching $38.68. 1,424,532 shares of the company’s stock traded hands, compared to its average volume of 2,832,135. 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 stock has a 50-day simple moving average of $42.96 and a 200-day simple moving average of $41.89. The firm has a market cap of $10.07 billion, a PE ratio of 5.13 and a beta of 2.55. Ovintiv has a 12 month low of $36.62 and a 12 month high of $55.95.

Institutional Investors Weigh In On Ovintiv

Several hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. raised its position in shares of Ovintiv by 16.0% in the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock worth $11,527,000 after acquiring an additional 37,341 shares during the period. Smead Capital Management Inc. raised its position in shares of Ovintiv by 3.5% in the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after acquiring an additional 212,535 shares during the period. Retirement Systems of Alabama raised its position in shares of Ovintiv by 4.4% in the third quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock worth $12,288,000 after acquiring an additional 13,536 shares during the period. Quest Partners LLC raised its position in shares of Ovintiv by 449.3% in the third quarter. Quest Partners LLC now owns 42,109 shares of the company’s stock worth $1,613,000 after acquiring an additional 34,443 shares during the period. Finally, KBC Group NV raised its position in shares of Ovintiv by 8.9% during the 3rd quarter. KBC Group NV now owns 333,207 shares of the company’s stock worth $12,765,000 after purchasing an additional 27,338 shares during the last quarter. 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.