Analysts Set Ovintiv Inc. (NYSE:OVV) Target Price at $56.88

Shares of Ovintiv Inc. (NYSE:OVV) have been assigned a consensus rating of “Moderate Buy” from the eighteen ratings firms that are currently covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $56.88.

Several brokerages have commented on OVV. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $55.00 to $54.00 in a report on Monday, January 13th. Barclays raised their price target on shares of Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Mizuho decreased their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, December 16th. National Bankshares raised their target price on shares of Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, Scotiabank upped their price objective on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research report on Monday, November 18th.

Ovintiv Stock Performance

Shares of OVV stock opened at $43.46 on Friday. Ovintiv has a 52 week low of $36.90 and a 52 week 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 firm has a 50 day moving average of $42.67 and a two-hundred day moving average of $42.13. The stock has a market capitalization of $11.31 billion, a PE ratio of 5.76 and a beta of 2.60.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors have recently added to or reduced their stakes in OVV. Raymond James & Associates raised its stake in Ovintiv by 1.2% during the third quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock worth $7,529,000 after acquiring an additional 2,275 shares during the period. Franklin Resources Inc. lifted its stake in Ovintiv by 16.0% in the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock valued at $11,527,000 after acquiring an additional 37,341 shares during the last quarter. Smead Capital Management Inc. increased its position in Ovintiv by 3.5% during the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after acquiring an additional 212,535 shares during the period. Retirement Systems of Alabama boosted its position in Ovintiv by 4.4% during the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock worth $12,288,000 after buying an additional 13,536 shares during the period. Finally, Entropy Technologies LP increased its stake in Ovintiv by 319.9% during the 3rd quarter. Entropy Technologies LP now owns 149,457 shares of the company’s stock valued at $5,726,000 after purchasing an additional 113,866 shares in the last quarter. Hedge funds and other 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.