Ovintiv (NYSE:OVV) Stock Price Target Cut by Wells Fargo & Company

Ovintiv (NYSE:OVV) had its price target lowered by Wells Fargo & Company from $82.00 to $81.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 33.77% from the stock’s current price.

Several other research firms have also recently issued reports on OVV. Scotia lifted their price objective on Ovintiv from $70.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Friday, October 2nd. Stephens restated a “positive” rating on shares of Ovintiv in a research report on Tuesday, October 27th. Stifel Nicolaus assumed coverage on Ovintiv in a research note on Wednesday, September 9th. They issued a “buy” rating and a $92.00 price target on the stock. Barclays lifted their price target on Ovintiv from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Canadian Imperial Bank of Commerce boosted their price target on Ovintiv from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, October 9th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.33.

Ovintiv Price Performance

Shares of OVV stock traded down $0.36 on Thursday, reaching $60.55. 3,826,156 shares of the company were exchanged, compared to its average volume of 3,225,096. Ovintiv has a 1 year low of $36.81 and a 1 year high of $73.61. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The business has a 50-day moving average price of $64.82 and a 200 day moving average price of $58.02. The company has a market cap of $16.68 billion, a price-to-earnings ratio of 12.21 and a beta of 0.57.

Insider Buying and Selling

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.85% of the company’s stock.

Institutional Trading of Ovintiv

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of Ovintiv in the 2nd quarter worth $1,422,959,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Ovintiv by 16.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock valued at $467,874,000 after acquiring an additional 1,137,162 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Ovintiv by 8.8% during the 1st quarter. Bank of New York Mellon Corp now owns 2,945,692 shares of the company’s stock valued at $174,856,000 after acquiring an additional 239,054 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Ovintiv by 119.7% in the second quarter. Van ECK Associates Corp now owns 1,717,400 shares of the company’s stock valued at $90,421,000 after purchasing an additional 935,860 shares during the period. Finally, First Trust Advisors LP grew its holdings in shares of Ovintiv by 74.2% in the first quarter. First Trust Advisors LP now owns 1,481,562 shares of the company’s stock valued at $87,946,000 after purchasing an additional 631,262 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

About Ovintiv

Ovintiv Inc is an independent energy company engaged in the exploration, development, production and marketing of oil, condensate, natural gas liquids and natural gas. The company’s operations are focused on North America, with production and resource development activities in the United States and Canada.

Ovintiv’s U.S. operations include assets in the Permian Basin of Texas and New Mexico and the Uinta Basin of Utah. In Canada, the company’s portfolio includes the Montney and Horn River natural gas and liquids-rich plays in British Columbia and Alberta.