Ovintiv (NYSE:OVV) was upgraded by analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research note issued to investors on Thursday, Price Targets.com reports. The brokerage presently has a $46.00 target price on the stock, up from their previous target price of $44.00. Scotiabank’s target price points to a potential upside of 11.30% from the stock’s previous close.
Several other analysts have also issued reports on OVV. Mizuho reduced their target price on Ovintiv from $56.00 to $54.00 in a report on Monday, January 3rd. Morgan Stanley increased their target price on Ovintiv from $46.00 to $54.00 and gave the stock an “overweight” rating in a report on Wednesday, October 6th. Seaport Global Securities started coverage on Ovintiv in a report on Thursday, September 23rd. They set a “buy” rating and a $42.00 target price on the stock. Truist Securities increased their target price on Ovintiv from $44.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, October 7th. Finally, Zacks Investment Research lowered Ovintiv from a “buy” rating to a “hold” rating and set a $35.00 target price on the stock. in a report on Tuesday, September 28th. Four investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of “Buy” and an average target price of $38.57.
Shares of NYSE OVV opened at $41.33 on Thursday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.40 and a quick ratio of 0.40. The stock’s fifty day moving average price is $35.11 and its two-hundred day moving average price is $32.15. Ovintiv has a one year low of $15.51 and a one year high of $41.34. The firm has a market cap of $10.76 billion, a price-to-earnings ratio of -18.21 and a beta of 3.60.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Moors & Cabot Inc. acquired a new stake in Ovintiv during the third quarter worth approximately $25,000. Point72 Hong Kong Ltd acquired a new stake in Ovintiv during the third quarter worth approximately $33,000. Huntington National Bank acquired a new stake in Ovintiv during the third quarter worth approximately $36,000. FORA Capital LLC acquired a new stake in Ovintiv during the second quarter worth approximately $42,000. Finally, O Shaughnessy Asset Management LLC grew its stake in Ovintiv by 481.6% during the third quarter. O Shaughnessy Asset Management LLC now owns 1,297 shares of the company’s stock worth $43,000 after purchasing an additional 1,074 shares during the period. 69.99% of the stock is owned by institutional investors and hedge funds.
Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.
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