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

Ovintiv (NYSE:OVV) had its price objective raised by Truist Financial from $57.00 to $59.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 34.73% from the stock’s current price.

Several other equities research analysts also recently weighed in on the company. Wolfe Research started coverage on Ovintiv in a report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price objective for the company. Mizuho decreased their price target on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Morgan Stanley lowered their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Citigroup reduced their target price on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a report on Monday, October 7th. Finally, Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $57.00.

Ovintiv Price Performance

Shares of OVV opened at $43.79 on Friday. 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 cap of $11.40 billion, a PE ratio of 5.81, a price-to-earnings-growth ratio of 7.64 and a beta of 2.62. The firm has a fifty day moving average price of $40.71 and a 200 day moving average price of $44.45.

Institutional Trading of Ovintiv

Several hedge funds and other institutional investors have recently made changes to their positions in OVV. Raymond James & Associates raised its holdings 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 purchasing an additional 2,275 shares during the last quarter. Quarry LP raised its stake in shares of Ovintiv by 89.1% during the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock worth $1,917,000 after buying an additional 19,272 shares during the last quarter. Wedge Capital Management L L P NC boosted its position in shares of Ovintiv by 25.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after buying an additional 106,900 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Ovintiv in the 1st quarter worth about $1,149,000. Finally, Canandaigua National Bank & Trust Co. acquired a new stake in Ovintiv in the 2nd quarter valued at about $1,441,000. Institutional investors and hedge funds 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.