Ovintiv Inc. [OVV] Is Currently 2.87 below its 200 Period Moving Avg: What Dose This Mean?

Ovintiv Inc. [NYSE: OVV] gained 2.87% on the last trading session, reaching $15.06 price per share at the time. The company report on December 16, 2020 that Ovintiv™ Targets 33% Reduction in Methane Intensity by 2025.

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Metric to be directly tied to compensation for all employees.

DENVER, Dec. 16, 2020 /CNW/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) disclosed a goal to reduce methane intensity 33% by 2025. The objective, approved this week by its board of directors, will be tied to Ovintiv’s annual incentive compensation program for all employees beginning in 2021. The significant reduction will be benchmarked against the Company’s 2019 actual methane intensity of 0.15 metric tons CH4/thousand barrels of oil equivalent (CH4/MBOE), which was recently disclosed in its 16th annual sustainability report (https://www.ovintiv.com/sustainability/). The 33% reduction in methane intensity to 0.10 metric tons CH4/MBOE by 2025 will significantly reduce greenhouse gas emissions.

Ovintiv Inc. represents 298.80 million in outstanding shares, while the company has a total market value of $3.88 billion with the latest information. OVV stock price has been found in the range of $14.50 to $15.19.

If compared to the average trading volume of 4.82M shares, OVV reached a trading volume of 3536993 in the most recent trading day, which is why market watchdogs consider the stock to be active.

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 $12.78 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 2.90. 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 Neutral, with their previous recommendation back on December 16, 2020. While these analysts kept the previous recommendation, CIBC raised their target price to Sector Underperform. The new note on the price target was released on October 26, 2020, representing the official price target for Ovintiv Inc. stock. Previously, the target price had yet another raise to $11, while Credit Suisse analysts kept a Neutral rating on OVV stock.

The Average True Range (ATR) for Ovintiv Inc. is set at 0.84, with the Price to Sales ratio for OVV stock in the period of the last 12 months amounting to 0.57. The Price to Book ratio for the last quarter was 0.77, with the Price to Cash per share for the same quarter was set at 0.15.

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 -1.18. With this latest performance, OVV shares gained by 22.54% in over the last four-week period, additionally plugging by 40.09% over the last 6 months – not to mention a drop of -32.92% 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 64.13, with the RSI for the last a single of trading hit 62.97, and the three-weeks RSI is set at 63.82 for Ovintiv Inc. [OVV]. The present Moving Average for the last 50 days of trading for this stock 11.60, while it was recorded at 14.90 for the last single week of trading, and 8.87 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 0.90 and a Current Ratio set at 0.90.

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

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 -4.09%.

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

There are presently around $2,782 million, or 71.90% of OVV stock, in the hands of institutional investors. The top three institutional holders of OVV stocks are: DODGE & COX with ownership of 36,262,297, which is approximately -3.986% of the company’s market cap and around 1.24% of the total institutional ownership; VANGUARD GROUP INC, holding 24,188,267 shares of the stock with an approximate value of $364.27 million in OVV stocks shares; and BLACKROCK INC., currently with $283.51 million in OVV stock with ownership of nearly -3.467% of the company’s market capitalization.

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83 institutional holders increased their position in Ovintiv Inc. [NYSE:OVV] by around 17,327,421 shares. Additionally, 143 investors decreased positions by around 22,699,484 shares, while 64 investors held positions by with 144,704,514 shares. The mentioned changes placed institutional holdings at 184,731,419 shares, according to the latest SEC report filing. OVV stock had 31 new institutional investments in for a total of 6,099,842 shares, while 41 institutional investors sold positions of 1,674,238 shares during the same period.

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