Fidelity MSCI Energy Index ETF: Implied Analyst Target Price of $27.57

The Fidelity MSCI Energy Index ETF (FENY) has an implied analyst target price of $27.57 per unit, with 15.04% upside from the recent price of $23.97. Analysts expect Ovintiv Inc (OVV), NOV Inc (NOV), and NextDecade Corp (NEXT) to reach target prices of $53.09, $16.20, and $13.00, respectively, representing 34.52%, 18.16%, and 15.66% upside from their recent prices. The accuracy of these targets depends on future company and industry developments.

Analysts are bullish on the Fidelity MSCI Energy Index ETF (FENY), with an implied target price of $27.57 per unit, representing a 15.04% upside from its recent price of $23.97 [1]. This optimism is driven by the expected performance of the ETF's underlying holdings, including Ovintiv Inc (OVV), NOV Inc (NOV), and NextDecade Corp (NEXT).

Ovintiv Inc (OVV) is expected to reach a target price of $53.09 per share, a 34.52% increase from its recent price of $39.47 [1]. NOV Inc (NOV) is anticipated to hit $16.20 per share, an 18.16% increase from its recent price of $13.71 [1]. NextDecade Corp (NEXT) is projected to reach $13.00 per share, a 15.66% increase from its recent price of $11.24 [1].

These target prices reflect analysts' optimism about the future performance of these companies. However, the accuracy of these targets depends on future company and industry developments. Ovintiv Inc (OVV) is set to release its second-quarter earnings on July 24, with analysts expecting earnings of $1.04 per share on revenues of $1.9 billion [2]. The company's strong performance in the first quarter, driven by improved natural gas pricing, may continue into the second quarter. However, higher expenses and a decline in revenues from the year-ago period could pose challenges.

Investors should conduct further research to determine if analysts' targets are justified. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

References:
[1] https://www.nasdaq.com/articles/we-did-math-feny-can-go-28
[2] https://finance.yahoo.com/news/ovintiv-report-q2-earnings-whats-120400041.html