Wells Fargo Reaffirms Their Hold Rating on Ovintiv (OVV)

In a report released yesterday, Roger Read from Wells Fargo maintained a Hold rating on Ovintiv (OVVResearch Report), with a price target of $54.00. The company’s shares closed yesterday at $49.81.

Read covers the Energy sector, focusing on stocks such as Devon Energy, EQT, and Coterra Energy. According to TipRanks, Read has an average return of 11.3% and a 65.06% success rate on recommended stocks.

In addition to Wells Fargo, Ovintiv also received a Hold from RBC Capital’s Gregory Pardy in a report issued on May 8. However, on May 15, UBS maintained a Buy rating on Ovintiv (NYSE: OVV).

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Based on Ovintiv’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.41 billion and a net profit of $338 million. In comparison, last year the company earned a revenue of $2.61 billion and had a net profit of $487 million

Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of OVV in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Ovintiv (OVV) Company Description:

Ovintiv, Inc. produces and develops multi-basin portfolio of oil, natural gas liquids and natural gas producing plays. The firm operates through the following segments: Canadian Operations, USA Operations and Market Optimization. The Canadian Operations segment includes the exploration for, development of, and production of oil, NGLs, natural gas and other related activities within Canada. The USA Operations segment includes the exploration for, development of, and production of oil, NGLs, natural gas and other related activities within the United States. The Market Optimization segment’s activities are managed by the Midstream, Marketing & Fundamentals team, which is primarily responsible for the sale of the Company’s proprietary production to third party customers. The company was founded in 1881 and is headquartered in Denver, CO.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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