Ovintiv (NYSE:OVV) Rating Increased to Strong-Buy at Scotiabank

Ovintiv (NYSE:OVV) was upgraded by analysts at Scotiabank to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Truist Financial boosted their price target on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Citigroup lowered their target price on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Williams Trading set a $58.00 price target on shares of Ovintiv in a research note on Wednesday, March 5th. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Finally, National Bankshares raised their target price on Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $56.78.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $41.52 on Wednesday. The firm has a market capitalization of $10.81 billion, a PE ratio of 5.51 and a beta of 2.55. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 1-year low of $36.62 and a 1-year high of $55.95. The business’s 50 day moving average is $42.80 and its 200-day moving average is $41.79.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently made changes to their positions in OVV. Wealth Enhancement Advisory Services LLC increased its position in Ovintiv by 198.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,622 shares of the company’s stock worth $1,605,000 after purchasing an additional 26,366 shares during the period. PKO Investment Management Joint Stock Co acquired a new stake in shares of Ovintiv during the 4th quarter worth approximately $344,000. Siemens Fonds Invest GmbH bought a new stake in shares of Ovintiv during the fourth quarter worth approximately $1,348,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Ovintiv in the fourth quarter valued at approximately $4,949,000. Finally, Jefferies Financial Group Inc. bought a new position in Ovintiv in the fourth quarter valued at approximately $5,289,000. Institutional investors own 83.81% of the company’s stock.

About Ovintiv

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.