Barclays has revised its price target for Ovintiv (OVV, Financial), reducing it to $53 from a previous $59. Despite this adjustment, the firm continues to maintain an Overweight rating on the stock. This update comes as part of Barclays' first-quarter preview focused on the integrated oil and exploration sector.
The recent adjustment reflects a broader focus on the prevailing macroeconomic conditions, especially as companies with lower break-even points and robust balance sheets are expected to withstand a challenging low oil price environment more effectively. Barclays has also updated its oil price forecast, lowering its expectations for 2025 and 2026 to $60 and $65 per barrel, respectively, due to ongoing market uncertainties.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 23 analysts, the average target price for Ovintiv Inc (OVV, Financial) is $55.22 with a high estimate of $79.00 and a low estimate of $43.00. The average target implies an upside of 64.44% from the current price of $33.58. More detailed estimate data can be found on the Ovintiv Inc (OVV) Forecast page.
Based on the consensus recommendation from 24 brokerage firms, Ovintiv Inc's (OVV, Financial) average brokerage recommendation is currently 2.0, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Ovintiv Inc (OVV, Financial) in one year is $37.01, suggesting a upside of 10.21% from the current price of $33.58. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Ovintiv Inc (OVV) Summary page.
