The stock of Ovintiv Inc. (NYSE:OVV) is now priced at $11.19 and the shares are 0.11 points up or 0.99% higher compared to its previous closing price of $11.08. The stock had 2.863 million contracts set over the past session. OVV shares’ daily volume is compared to its average trading volume at 6.827 million shares. However, it has a float of 257 million and although its performance was -4.77% over the week, it’s one to watch. Analysts have given the OVV stock a yearly average price target of $16.3 per share. It means the stock’s upside potential is 45.67% with the OVV share price recently placing at $10.87 to $11.32. However, some brokerage firms have priced the stock below the average, including one that has called $5.
The shorts are running away from the Ovintiv Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the OVV shares have declined. Short interest in the stock represents just 10.85% of its float, but the volume has dropped by 0.
In the last trading session, Ovintiv Inc. (NYSE:OVV) dropped by -$0.56 over the week and gained $0.68 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $28.75. The stock recorded its established 52-week high on 09/16/19.
Since 03/18/20, the stock has traded to a low of $2.1 at 432.86%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 4.11. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Ovintiv Inc.’s two-week RSI is 49.81. This suggests that the stock is neutral at the moment and that OVV shares’ price movement remains stable. The stochastic readings are equally revealing at 23.74% meaning the OVV share price is currently in overbought territory.
The technical chart shows that the OVV stock will likely settle at between $11.38 and $11.58 per share. However, if the stock dips below $10.93, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.68.
Currently, the stock is trading in the red of MACD, with a reading of -0.1. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned OVV a rating of Neutral in their resuming review released on August 05. Wolfe Research analysts upgraded their recommendation of the stock from Underperform to Peer Perform in a flash note released to investors on July 15. BMO Capital Markets seeing the improvements upgraded the stock from Market Perform to Outperform on June 29, placing it at $13.
The average rating for the OVV equity is 2.96 and is currently gathering a bullish momentum. Of 27 analysts tracking Ovintiv Inc. polled by Reuters, 18 rated OVV as a hold. The remaining 9 analysts were split evenly. However, the split wasn’t equal as a majority (6) rated it as a buy or strong buy. 3 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the OVV stock price is 266.43X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Ovintiv Inc. (NYSE:OVV) will decrease by about -46.7%, which will see them reach $1260 million. The company’s full-year revenues are, however, expected to diminish by about -10.55%, down from $6730 million to $6020 million. OVV’s expected adjusted earnings should drop almost -130.67% to end up at -$0.23 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -113.03% to record -$0.43/share.