Ovintiv (NYSE:OVV) Stock Price Expected to Rise, National Bank Financial Analyst Says

Ovintiv (NYSE:OVV) had its target price lifted by stock analysts at National Bank Financial from $82.00 to $83.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. National Bank Financial’s price target points to a potential upside of 47.86% from the company’s previous close.

A number of other brokerages have also commented on OVV. Wall Street Zen lowered shares of Ovintiv from a “buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Bank of America upped their target price on shares of Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Barclays lifted their price target on Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. The Goldman Sachs Group raised their target price on Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. Finally, Morgan Stanley decreased their price target on Ovintiv from $68.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $64.37.

Ovintiv Stock Up 2.1%

Ovintiv stock traded up $1.16 during mid-day trading on Wednesday, reaching $56.13. The stock had a trading volume of 1,351,533 shares, compared to its average volume of 4,268,680. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. Ovintiv has a fifty-two week low of $35.47 and a fifty-two week high of $63.46. The stock’s 50-day simple moving average is $56.73 and its 200-day simple moving average is $51.43. The firm has a market capitalization of $15.77 billion, a PE ratio of 18.16 and a beta of 0.53.

Institutional Investors Weigh In On Ovintiv

Several large investors have recently modified their holdings of OVV. PensionDanmark Pensionsforsikringsaktieselskab purchased a new position in Ovintiv in the second quarter valued at approximately $4,738,000. Foster Group Inc. raised its stake in shares of Ovintiv by 14.8% in the second quarter. Foster Group Inc. now owns 85,620 shares of the company’s stock valued at $4,508,000 after buying an additional 11,037 shares during the period. GAMMA Investing LLC raised its stake in shares of Ovintiv by 11.6% in the second quarter. GAMMA Investing LLC now owns 12,905 shares of the company’s stock valued at $679,000 after buying an additional 1,345 shares during the period. CX Institutional lifted its position in shares of Ovintiv by 1.0% during the 2nd quarter. CX Institutional now owns 28,363 shares of the company’s stock valued at $1,493,000 after buying an additional 276 shares during the last quarter. Finally, Rathbones Group PLC purchased a new stake in Ovintiv in the 1st quarter worth about $330,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.