Citigroup Issues Positive Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its price target increased by Citigroup from $68.00 to $74.00 in a note issued to investors on Friday, BayStreet reports. The firm presently has a “buy” rating on the stock. Citigroup‘s price objective suggests a potential upside of 13.32% from the company’s previous close.

OVV has been the topic of several other research reports. Stifel Nicolaus initiated coverage on Ovintiv in a research note on Wednesday, September 9th. They issued a “buy” rating and a $92.00 price objective on the stock. Zacks Research upgraded Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 27th. Stephens reissued a “positive” rating on shares of Ovintiv in a research report on Tuesday, October 27th. Roth Capital raised their price target on Ovintiv from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Thursday, October 22nd. Finally, Weiss Ratings upgraded Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and a consensus target price of $74.86.

Ovintiv Trading Up 0.6%

OVV stock traded up $0.41 during mid-day trading on Friday, reaching $65.30. 1,084,457 shares of the stock traded hands, compared to its average volume of 3,882,625. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.84 and a current ratio of 0.84. Ovintiv has a one year low of $36.81 and a one year high of $73.61. The stock has a market capitalization of $17.55 billion, a PE ratio of 13.16 and a beta of 0.57. The business has a 50-day moving average price of $64.54 and a two-hundred day moving average price of $58.45.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds have recently made changes to their positions in OVV. Aberdeen Wealth Management LLC purchased a new stake in shares of Ovintiv during the second quarter valued at $32,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Ovintiv during the 2nd quarter valued at about $32,000. Markowski Investments acquired a new position in shares of Ovintiv in the second quarter valued at about $39,000. Rothschild Investment LLC increased its holdings in shares of Ovintiv by 67.2% in the third quarter. Rothschild Investment LLC now owns 918 shares of the company’s stock valued at $53,000 after purchasing an additional 369 shares during the period. Finally, Eurizon Capital SGR S.p.A. raised its stake in shares of Ovintiv by 289.3% in the third quarter. Eurizon Capital SGR S.p.A. now owns 1,016 shares of the company’s stock worth $60,000 after purchasing an additional 755 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

About Ovintiv

Ovintiv Inc. is an independent oil and natural gas producer focused on developing and producing crude oil, natural gas and natural gas liquids in North America. Its operations include exploration, drilling and production, supported by infrastructure and marketing activities related to its energy products. The company’s principal operating areas include the Permian Basin and Anadarko Basin in the United States, as well as the Montney formation in Canada. Its production serves energy markets through sales of oil, natural gas and natural gas liquids.