UBS Group Forecasts Strong Price Appreciation for Ovintiv (NYSE:OVV) Stock

Ovintiv (NYSE:OVV) had its target price increased by investment analysts at UBS Group from $57.00 to $59.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price target would indicate a potential upside of 32.23% from the stock’s current price.

Several other equities research analysts also recently commented on OVV. Mizuho reduced their price target on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Scotiabank increased their target price on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday. Evercore ISI decreased their target price on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Barclays upped their price target on Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Citigroup decreased their price objective on Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and a consensus target price of $56.71.

Ovintiv Trading Down 0.8 %

Shares of OVV opened at $44.62 on Monday. The business’s 50-day moving average price is $40.92 and its 200 day moving average price is $44.31. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $11.62 billion, a P/E ratio of 5.92 and a beta of 2.62. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95.

Institutional Investors Weigh In On Ovintiv

Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC increased its holdings in shares of Ovintiv by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after acquiring an additional 205,409 shares during the last quarter. M&T Bank Corp grew its position in Ovintiv by 21.2% during the third quarter. M&T Bank Corp now owns 16,278 shares of the company’s stock worth $624,000 after buying an additional 2,850 shares in the last quarter. Y Intercept Hong Kong Ltd increased its stake in Ovintiv by 64.4% during the third quarter. Y Intercept Hong Kong Ltd now owns 59,856 shares of the company’s stock valued at $2,293,000 after acquiring an additional 23,452 shares during the period. MML Investors Services LLC raised its holdings in Ovintiv by 11.3% in the 3rd quarter. MML Investors Services LLC now owns 10,570 shares of the company’s stock valued at $405,000 after acquiring an additional 1,074 shares in the last quarter. Finally, Orion Portfolio Solutions LLC lifted its position in shares of Ovintiv by 5.6% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 42,304 shares of the company’s stock worth $1,621,000 after acquiring an additional 2,244 shares during the period. 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.