Ovintiv (NYSE:OVV) Price Target Raised to $74.00

Ovintiv (NYSE:OVV) had its price objective increased by Citigroup from $68.00 to $74.00 in a report issued on Friday, BayStreet reports. The firm currently has a “buy” rating on the stock. Citigroup‘s target price would suggest a potential upside of 13.32% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Seaport Research Partners assumed coverage on shares of Ovintiv in a report on Thursday, September 3rd. They issued a “neutral” rating on the stock. Weiss Ratings upgraded Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 2nd. Truist Financial boosted their price objective on Ovintiv from $77.00 to $90.00 and gave the company a “buy” rating in a report on Thursday, November 5th. Morgan Stanley upped their target price on Ovintiv from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 15th. Finally, Zacks Research raised Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 27th. Two investment 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. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average price target of $74.86.

Ovintiv Stock Performance

Shares of NYSE:OVV traded up $0.41 during midday trading on Friday, reaching $65.30. The company’s stock had a trading volume of 1,084,457 shares, compared to its average volume of 3,882,625. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average of $64.54 and a 200 day moving average of $58.45. Ovintiv has a twelve month low of $36.81 and a twelve month high of $73.61. The firm has a market capitalization of $17.55 billion, a PE ratio of 13.16 and a beta of 0.57.

Institutional Trading of Ovintiv

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bleakley Financial Group LLC purchased a new stake in Ovintiv in the 3rd quarter valued at $1,205,000. Polymer Capital Management US LLC purchased a new position in shares of Ovintiv during the 3rd quarter worth $3,054,000. AlphaGrep UK Ltd purchased a new position in shares of Ovintiv during the 3rd quarter worth $274,000. Meeder Advisory Services Inc. boosted its position in shares of Ovintiv by 14.1% during the 3rd quarter. Meeder Advisory Services Inc. now owns 13,671 shares of the company’s stock valued at $790,000 after acquiring an additional 1,689 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in shares of Ovintiv by 4.3% during the 3rd quarter. First Trust Advisors LP now owns 1,066,795 shares of the company’s stock valued at $61,682,000 after acquiring an additional 44,442 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Company Profile

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.