Ovintiv (NYSE:OVV) Raised to “Buy” at Bank of America

Ovintiv (NYSE:OVV) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Monday, Marketbeat reports. The brokerage presently has a $54.00 price target on the stock, down from their previous price target of $55.00. Bank of America‘s price objective points to a potential upside of 20.08% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Barclays raised their target price on Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Mizuho cut their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Wells Fargo & Company reduced their target price on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. UBS Group decreased their price target on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research report on Monday, December 9th. Finally, Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $56.81.

Ovintiv Price Performance

NYSE OVV opened at $44.97 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95. The stock has a market capitalization of $11.71 billion, a price-to-earnings ratio of 5.96 and a beta of 2.63. The business’s fifty day moving average price is $42.22 and its 200-day moving average price is $42.48.

Institutional Trading of Ovintiv

Several institutional investors and hedge funds have recently added to or reduced their stakes in OVV. Foundation Resource Management Inc. grew its holdings in Ovintiv by 0.9% during the 4th quarter. Foundation Resource Management Inc. now owns 89,292 shares of the company’s stock valued at $3,616,000 after buying an additional 830 shares in the last quarter. Park Avenue Securities LLC increased its holdings in Ovintiv by 8.9% in the 4th quarter. Park Avenue Securities LLC now owns 6,845 shares of the company’s stock valued at $277,000 after acquiring an additional 558 shares during the last quarter. Oak Thistle LLC lifted its stake in Ovintiv by 37.5% in the 4th quarter. Oak Thistle LLC now owns 31,672 shares of the company’s stock worth $1,283,000 after purchasing an additional 8,639 shares in the last quarter. Pallas Capital Advisors LLC boosted its holdings in shares of Ovintiv by 128.4% during the 4th quarter. Pallas Capital Advisors LLC now owns 13,586 shares of the company’s stock valued at $550,000 after purchasing an additional 7,637 shares during the last quarter. Finally, Claro Advisors LLC purchased a new position in shares of Ovintiv during the fourth quarter valued at about $229,000. Institutional investors own 83.81% of the company’s stock.

About Ovintiv

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.