Ovintiv (NYSE:OVV) Price Target Raised to $53.00

Ovintiv (NYSE:OVV) had its target price increased by Scotiabank from $50.00 to $53.00 in a report released on Monday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price target suggests a potential upside of 18.78% from the company’s current price.

A number of other equities analysts have also recently issued reports on OVV. Royal Bank of Canada decreased their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. Evercore ISI dropped their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Mizuho decreased their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. JPMorgan Chase & Co. cut their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Finally, Citigroup dropped their target price on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and a consensus price target of $56.71.

Ovintiv Stock Down 0.8 %

Shares of NYSE OVV opened at $44.62 on Monday. The firm’s fifty day moving average is $40.92 and its 200 day moving average is $44.31. Ovintiv has a 52 week low of $36.90 and a 52 week high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market cap of $11.62 billion, a price-to-earnings ratio of 5.92 and a beta of 2.62.

Institutional Trading of Ovintiv

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in shares of Ovintiv by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock worth $173,296,000 after buying an additional 205,409 shares in the last quarter. M&T Bank Corp raised its holdings in Ovintiv by 21.2% in the 3rd quarter. M&T Bank Corp now owns 16,278 shares of the company’s stock worth $624,000 after acquiring an additional 2,850 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its position in Ovintiv by 64.4% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 59,856 shares of the company’s stock valued at $2,293,000 after acquiring an additional 23,452 shares in the last quarter. MML Investors Services LLC boosted its stake in Ovintiv by 11.3% during the 3rd quarter. MML Investors Services LLC now owns 10,570 shares of the company’s stock valued at $405,000 after purchasing an additional 1,074 shares during the last quarter. Finally, Orion Portfolio Solutions LLC increased its holdings in shares of Ovintiv by 5.6% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 42,304 shares of the company’s stock worth $1,621,000 after purchasing an additional 2,244 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.