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

Ovintiv (NYSE:OVV) had its price target upped by stock analysts at Truist Financial from $57.00 to $59.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 34.73% from the stock’s previous close.

A number of other research analysts have also issued reports on the stock. Wolfe Research assumed coverage on shares of Ovintiv in a report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 target price on the stock. Citigroup reduced their price objective on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Morgan Stanley lowered their target price on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. UBS Group reduced their price target on Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Finally, Evercore ISI lowered their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $57.00.

Ovintiv Stock Down 2.1 %

Shares of NYSE:OVV opened at $43.79 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $11.40 billion, a P/E ratio of 5.81, a P/E/G ratio of 7.64 and a beta of 2.62. Ovintiv has a 52-week low of $36.90 and a 52-week high of $55.95. The stock’s fifty day simple moving average is $40.71 and its 200-day simple moving average is $44.45.

Institutional Investors Weigh In On Ovintiv

Large investors have recently made changes to their positions in the business. Envestnet Portfolio Solutions Inc. purchased a new stake in Ovintiv during the 1st quarter worth $214,000. Russell Investments Group Ltd. boosted its position in shares of Ovintiv by 11.0% in the first quarter. Russell Investments Group Ltd. now owns 286,613 shares of the company’s stock worth $14,875,000 after buying an additional 28,369 shares during the period. US Bancorp DE grew its stake in shares of Ovintiv by 4.5% in the first quarter. US Bancorp DE now owns 8,914 shares of the company’s stock valued at $463,000 after buying an additional 386 shares in the last quarter. Avantax Advisory Services Inc. acquired a new stake in shares of Ovintiv in the first quarter valued at about $233,000. Finally, Bleakley Financial Group LLC purchased a new stake in shares of Ovintiv during the 1st quarter valued at about $214,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.