Saturday, September 26, 2020

Ovintiv Inc. [OVV] Revenue clocked in at $6.81 billion, down -56.72% YTD: What’s Next?

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Ovintiv Inc. [NYSE: OVV] price surged by 10.93 percent to reach at $1.0. The company report on September 1, 2020 that Ovintiv Ends JV with PetroChina and Becomes 100% Owner in Partitioned Duvernay Position.

No change to net acreage, production, proved reserves or 2020-21 scenarios.

DENVER, Sept. 1, 2020 /CNW/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced that its subsidiary, Ovintiv Canada ULC, has closed an agreement with PetroChina Canada Ltd. (PCC) to terminate the parties’ joint venture and transfer the ownership and operation of certain Duvernay shale assets in west-central Alberta. Ovintiv and PCC have agreed to partition the Duvernay acreage and associated infrastructure as each company will independently own and operate their interests going forward. There were no penalties or fees associated with this transaction.

A sum of 5042694 shares traded at recent session while its average daily volume was at 5.93M shares. Ovintiv Inc. shares reached a high of $10.45 and dropped to a low of $9.3436 until finishing in the latest session at $10.15.

The average equity rating for OVV stock is currently 2.90, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Ovintiv Inc. [OVV]:

Credit Suisse have made an estimate for Ovintiv Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on August 05, 2020. The new note on the price target was released on July 15, 2020, representing the official price target for Ovintiv Inc. stock. Previously, the target price had yet another raise to $13, while BMO Capital Markets analysts kept a Outperform rating on OVV stock.

The Average True Range (ATR) for Ovintiv Inc. is set at 0.64, with the Price to Sales ratio for OVV stock in the period of the last 12 months amounting to 0.39. The Price to Book ratio for the last quarter was 0.52, with the Price to Cash per share for the same quarter was set at 0.15.

OVV Stock Performance Analysis:

Ovintiv Inc. [OVV] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 7.64. With this latest performance, OVV shares dropped by -17.41% in over the last four-week period, additionally plugging by 319.42% over the last 6 months – not to mention a drop of -60.81% 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 48.76, with the RSI for the last a single of trading hit 51.49, and the three-weeks RSI is set at 48.57 for Ovintiv Inc. [OVV]. The present Moving Average for the last 50 days of trading for this stock 10.64, while it was recorded at 9.10 for the last single week of trading, and 11.38 for the last 200 days.

Insight into Ovintiv Inc. Fundamentals:

Ovintiv Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 0.90.

OVV Stock EPS

With the latest financial reports released by the company, Ovintiv Inc. posted 0.75/share EPS, while the average EPS was predicted by analysts to be reported at 0.68/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 10.30%. 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 -10.00%.

Ovintiv Inc. [OVV] Insider Position Details

There are presently around $1,928 million, or 73.80% of OVV stock, in the hands of institutional investors. The top three institutional holders of OVV stocks are: DODGE & COX with ownership of 37,767,797, which is approximately -0.658% of the company’s market cap and around 0.10% of the total institutional ownership; VANGUARD GROUP INC, holding 24,858,427 shares of the stock with an approximate value of $252.31 million in OVV stocks shares; and BLACKROCK INC., currently with $197.94 million in OVV stock with ownership of nearly 1442.189% of the company’s market capitalization.

142 institutional holders increased their position in Ovintiv Inc. [NYSE:OVV] by around 80,603,071 shares. Additionally, 169 investors decreased positions by around 41,768,185 shares, while 44 investors held positions by with 67,604,478 shares. The mentioned changes placed institutional holdings at 189,975,734 shares, according to the latest SEC report filing. OVV stock had 76 new institutional investments in for a total of 15,318,898 shares, while 88 institutional investors sold positions of 22,826,691 shares during the same period.

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