Ovintiv Inc. [OVV] stock Initiated by CIBC analyst, price target now $11

Ovintiv Inc. [NYSE: OVV] stock went on a downward path that fall over -5.05% on Thursday, amounting to a one-week price increase of more than 8.73%. The company report on November 12, 2020 that Ovintiv™ Names Brendan M. McCracken as President.

Ovintiv Inc. (NYSE: OVV) (TSX: OVV) named Brendan M. McCracken as president, effective December 1, 2020.

“‘s appointment recognizes Brendan’s significant impact on our success and reflects our confidence in his leadership,” said CEO Doug Suttles. “This move is part of our ongoing executive development and ensures that we have leaders for the future.”.

Over the last 12 months, OVV stock dropped by -53.21%. The one-year Ovintiv Inc. stock forecast points to a potential upside of 36.09. The average equity rating for OVV stock is currently 2.80, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $2.74 billion, with 298.80 million shares outstanding and 256.55 million shares in the current float. Compared to the average trading volume of 4.47M shares, OVV stock reached a trading volume of 3623640 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 $16.18 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 2.80. 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.

CIBC have made an estimate for Ovintiv Inc. shares, keeping their opinion on the stock as Sector Underperform, with their previous recommendation back on October 26, 2020. While these analysts kept the previous recommendation, Credit Suisse raised their target price to Neutral. The new note on the price target was released on August 05, 2020, representing the official price target for Ovintiv Inc. stock.

The Average True Range (ATR) for Ovintiv Inc. is set at 0.76, with the Price to Sales ratio for OVV stock in the period of the last 12 months amounting to 0.40. The Price to Book ratio for the last quarter was 0.53, 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 8.73. With this latest performance, OVV shares gained by 7.26% in over the last four-week period, additionally plugging by 63.09% over the last 6 months – not to mention a drop of -53.21% 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 54.39, with the RSI for the last a single of trading hit 55.89, and the three-weeks RSI is set at 54.31 for Ovintiv Inc. [OVV]. The present Moving Average for the last 50 days of trading for this stock 9.34, while it was recorded at 10.61 for the last single week of trading, and 8.96 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 0.81/share EPS, while the average EPS was predicted by analysts to be reported at 0.75/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 8.00%. 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 -4.10%.

Ovintiv Inc. [OVV] Insider Position Details

There are presently around $1,965 million, or 74.10% 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 1.28% of the total institutional ownership; VANGUARD GROUP INC, holding 24,858,427 shares of the stock with an approximate value of $257.04 million in OVV stocks shares; and BLACKROCK INC., currently with $194.66 million in OVV stock with ownership of nearly -3.467% of the company’s market capitalization.

101 institutional holders increased their position in Ovintiv Inc. [NYSE:OVV] by around 48,805,194 shares. Additionally, 158 investors decreased positions by around 31,091,972 shares, while 58 investors held positions by with 110,140,399 shares. The mentioned changes placed institutional holdings at 190,037,565 shares, according to the latest SEC report filing. OVV stock had 44 new institutional investments in for a total of 5,907,523 shares, while 68 institutional investors sold positions of 12,961,239 shares during the same period.

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