Tuesday, November 24, 2020

BofA/Merrill slashes price target on Ovintiv Inc. [OVV] – find out why.

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Ovintiv Inc. [NYSE: OVV] gained 6.65% on the last trading session, reaching $9.62 price per share at the time. Ovintiv Inc. represents 259.76 million in outstanding shares, while the company has a total market value of $2.36 billion with the latest information. OVV stock price has been found in the range of $8.35 to $9.765.

If compared to the average trading volume of 10.02M shares, OVV reached a trading volume of 8436776 in the most recent trading day, which is why market watchdogs consider the stock to be active.


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Here is what top equities market gurus are saying about Ovintiv Inc. [OVV]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for OVV shares is $12.46 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on OVV stock is a recommendation set at 3.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

BofA/Merrill have made an estimate for Ovintiv Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on May 14, 2020. The new note on the price target was released on April 24, 2020, representing the official price target for Ovintiv Inc. stock.

The Average True Range (ATR) for Ovintiv Inc. is set at 0.91, with the Price to Sales ratio for OVV stock in the period of the last 12 months amounting to 0.35. The Price to Book ratio for the last quarter was 0.25, with the Price to Cash per share for the same quarter was set at 0.78. Price to Free Cash Flow for OVV in the course of the last twelve months was 12.22 with Quick ratio for the last quarter at 0.80.

Trading performance analysis for OVV stock

Ovintiv Inc. [OVV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -19.16. With this latest performance, OVV shares gained by 58.22% in over the last four-week period, additionally sinking by -54.19% over the last 6 months – not to mention a drop of -58.71% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for OVV stock in for the last two-week period is set at 58.85, with the RSI for the last a single of trading hit 55.61, and the three-weeks RSI is set at 57.85 for Ovintiv Inc. [OVV]. The present Moving Average for the last 50 days of trading for this stock 6.48, while it was recorded at 9.64 for the last single week of trading, and 15.18 for the last 200 days.

Ovintiv Inc. [OVV]: A deeper dive into fundamental analysis

Ovintiv Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.80 and a Current Ratio set at 0.80.

Ovintiv Inc. [OVV]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Ovintiv Inc. posted 1.05/share EPS, while the average EPS was predicted by analysts to be reported at 0.93/share.When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 12.90%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for OVV. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Ovintiv Inc. go to -11.18%.

An analysis of insider ownership at Ovintiv Inc. [OVV]

There are presently around $1,370 million, or 59.30% of OVV stock, in the hands of institutional investors. The top three institutional holders of OVV stocks are: DODGE & COX with ownership of 38,017,797, which is approximately 33.69% of the company’s market cap and around 0.10% of the total institutional ownership; PRICE T ROWE ASSOCIATES INC /MD/, holding 14,437,180 shares of the stock with an approximate value of $130.22 million in OVV stocks shares; and FIL LTD, currently with $93.72 million in OVV stock with ownership of nearly New of the company’s market capitalization.

145 institutional holders increased their position in Ovintiv Inc. [NYSE:OVV] by around 54,934,593 shares. Additionally, 264 investors decreased positions by around 91,563,526 shares, while 27 investors held positions by with 5,400,180 shares. The mentioned changes placed institutional holdings at 151,898,299 shares, according to the latest SEC report filing. OVV stock had 51 new institutional investments in for a total of 15,331,068 shares, while 156 institutional investors sold positions of 10,451,260 shares during the same period.

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