Ovintiv (NYSE:OVV) Price Target Raised to $59.00

Ovintiv (NYSE:OVV) had its price target increased by UBS Group from $57.00 to $59.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price objective would suggest a potential upside of 32.23% from the stock’s previous close.

Several other equities research analysts have also weighed in on OVV. Wells Fargo & Company lowered their price objective on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 1st. JPMorgan Chase & Co. lowered their price target on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Mizuho lowered their target price on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. Evercore ISI cut their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. Finally, Truist Financial raised their target price on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, November 15th. 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 company’s stock. According to MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.71.

Ovintiv Stock Performance

NYSE OVV opened at $44.62 on Monday. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95. 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 stock has a market cap of $11.62 billion, a P/E ratio of 5.92 and a beta of 2.62. The company’s 50-day simple moving average is $40.92 and its 200 day simple moving average is $44.31.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in OVV. True Wealth Design LLC boosted its holdings in shares of Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after acquiring an additional 636 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Ovintiv during the second quarter valued at about $39,000. UMB Bank n.a. grew its holdings in shares of Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after purchasing an additional 286 shares during the last quarter. Transamerica Financial Advisors Inc. acquired a new position in shares of Ovintiv in the third quarter valued at approximately $65,000. Finally, International Assets Investment Management LLC bought a new position in Ovintiv in the 2nd quarter valued at approximately $69,000. Institutional investors 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.