Market Analysts see Ovintiv Inc [OVV] falling to $58. Time to buy?

Ovintiv Inc [NYSE: OVV] stock went on an upward path that rose over 3.89% on Wednesday, amounting to a one-week price increase of more than 3.33%. The company report on February 27, 2024 at 5:01 PM that Ovintiv Reports Fourth Quarter and Year-End 2023 Financial and Operating Results.

Strong 2023 Operational Execution; Enhanced Capital Efficiency Expected in 2024.

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Over the last 12 months, OVV stock rose by 4.16%. The one-year Ovintiv Inc stock forecast points to a potential upside of 11.24. The average equity rating for OVV stock is currently 1.81, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $13.06 billion, with 271.70 million shares outstanding and 256.89 million shares in the current float. Compared to the average trading volume of 2.75M shares, OVV stock reached a trading volume of 5716441 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 $53.91 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 1.81. 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 Overweight, with their previous recommendation back on December 06, 2023. While these analysts kept the previous recommendation, Citigroup raised their target price from $48 to $52. The new note on the price target was released on November 22, 2023, representing the official price target for Ovintiv Inc stock. Previously, the target price had yet another raise to $44, while Morgan Stanley analysts kept a Equal-Weight rating on OVV stock.

The Average True Range (ATR) for Ovintiv Inc is set at 1.19, with the Price to Sales ratio for OVV stock in the period of the last 12 months amounting to 1.22. The Price to Book ratio for the last quarter was 1.25, with the Price to Cash per share for the same quarter was set at 0.01. Price to Free Cash Flow for OVV in the course of the last twelve months was 9.26 with Quick ratio for the last quarter at 0.60.

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 3.33. With this latest performance, OVV shares gained by 11.36% in over the last four-week period, additionally plugging by 2.27% over the last 6 months – not to mention a rise of 4.16% 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 74.08, with the RSI for the last a single of trading hit 80.89, and the three-weeks RSI is set at 68.16 for Ovintiv Inc [OVV]. The present Moving Average for the last 50 days of trading for this stock 43.13, while it was recorded at 46.42 for the last single week of trading, and 43.29 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

With the latest financial reports released by the company, Ovintiv Inc posted 0.91/share EPS, while the average EPS was predicted by analysts to be reported at 1.87/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -51.30%. 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 13.10%.

Ovintiv Inc [OVV] Institutonal Ownership Details

The top three institutional holders of OVV stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in OVV stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in OVV stock with ownership which is approximately 5.8325%.