Ovintiv (NYSE:OVV) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Ovintiv (NYSE:OVV) had its price target increased by equities researchers at Wells Fargo & Company from $44.00 to $45.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 8.37% from the stock’s previous close.

Several other equities analysts have also recently issued reports on OVV. Citigroup lowered their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. National Bankshares lifted their target price on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Barclays lifted their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Mizuho dropped their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Finally, Bank of America raised shares of Ovintiv from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $56.78.

Ovintiv Stock Performance

Shares of OVV opened at $41.52 on Thursday. The firm’s 50 day moving average is $42.80 and its 200-day moving average is $41.79. The stock has a market capitalization of $10.81 billion, a P/E ratio of 5.51 and a beta of 2.55. 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 12-month low of $36.62 and a 12-month high of $55.95.

Institutional Trading of Ovintiv

A number of institutional investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its stake in Ovintiv by 198.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,622 shares of the company’s stock valued at $1,605,000 after acquiring an additional 26,366 shares during the last quarter. PKO Investment Management Joint Stock Co acquired a new stake in Ovintiv in the fourth quarter valued at approximately $344,000. Siemens Fonds Invest GmbH acquired a new stake in Ovintiv in the fourth quarter valued at approximately $1,348,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Ovintiv in the fourth quarter valued at approximately $4,949,000. Finally, Jefferies Financial Group Inc. bought a new position in shares of Ovintiv in the fourth quarter valued at approximately $5,289,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.