Ovintiv Inc. [NYSE: OVV] stock went on a downward path that fall over -9.84% on Wednesday, amounting to a one-week price decrease of less than -19.81%. The company report on February 27, 2023 that Ovintiv Reports Fourth Quarter and Year-end 2022 Financial and Operating Results.
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Company Delivers Record Financial Results and Significant Inventory Additions.
Over the last 12 months, OVV stock dropped by -23.93%. The one-year Ovintiv Inc. stock forecast points to a potential upside of 46.58. The average equity rating for OVV stock is currently 2.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $8.44 billion, with 247.30 million shares outstanding and 243.52 million shares in the current float. Compared to the average trading volume of 3.21M shares, OVV stock reached a trading volume of 7392357 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 $62.43 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 2.00. 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.
JP Morgan have made an estimate for Ovintiv Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on March 14, 2023. While these analysts kept the previous recommendation, BMO Capital Markets dropped their target price from $56 to $51. The new note on the price target was released on March 07, 2023, representing the official price target for Ovintiv Inc. stock. Previously, the target price had yet another raise to $71, while Wells Fargo analysts kept a Overweight rating on OVV stock. On January 24, 2023, analysts decreased their price target for OVV shares from 60 to 51.
The Average True Range (ATR) for Ovintiv Inc. is set at 2.34, with the Price to Sales ratio for OVV stock in the period of the last 12 months amounting to 0.68. The Price to Book ratio for the last quarter was 1.07, with the Price to Cash per share for the same quarter was set at 0.02. Price to Free Cash Flow for OVV in the course of the last twelve months was 4.70 with Quick ratio for the last quarter at 0.60.
OVV Stock Performance Analysis:
Ovintiv Inc. [OVV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -19.81. With this latest performance, OVV shares dropped by -31.07% in over the last four-week period, additionally sinking by -35.44% over the last 6 months – not to mention a drop of -23.93% 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 23.21, with the RSI for the last a single of trading hit 16.20, and the three-weeks RSI is set at 28.42 for Ovintiv Inc. [OVV]. The present Moving Average for the last 50 days of trading for this stock 46.33, while it was recorded at 37.53 for the last single week of trading, and 49.44 for the last 200 days.
Insight into Ovintiv Inc. Fundamentals:
Ovintiv Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.60 and a Current Ratio set at 0.60.
OVV Stock EPS
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 38.19%.
Ovintiv Inc. [OVV] Insider Position Details
There are presently around $6,755 million, or 78.20% of OVV stock, in the hands of institutional investors. The top three institutional holders of OVV stocks are: VANGUARD GROUP INC with ownership of 24,477,933, which is approximately -0.461% of the company’s market cap and around 0.10% of the total institutional ownership; DODGE & COX, holding 21,654,776 shares of the stock with an approximate value of $722.19 million in OVV stocks shares; and FMR LLC, currently with $693.59 million in OVV stock with ownership of nearly 36.929% of the company’s market capitalization.
Positions in Ovintiv Inc. stocks held by institutional investors increased at the end of Monday and at the time of the Monday reporting period, where 321 institutional holders increased their position in Ovintiv Inc. [NYSE:OVV] by around 35,349,976 shares. Additionally, 188 investors decreased positions by around 31,714,302 shares, while 57 investors held positions by with 135,492,473 shares. The mentioned changes placed institutional holdings at 202,556,751 shares, according to the latest SEC report filing. OVV stock had 124 new institutional investments in for a total of 8,415,414 shares, while 57 institutional investors sold positions of 9,839,122 shares during the same period.