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

Ovintiv (NYSE:OVV) had its target price increased by equities researchers at Scotiabank from $50.00 to $53.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 18.78% from the company’s current price.

OVV has been the topic of several other reports. Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Royal Bank of Canada lowered their price objective on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 1st. UBS Group cut their target price on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. JPMorgan Chase & Co. reduced their target price on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Finally, Truist Financial upped their price target on shares of Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus price target of $56.71.

Ovintiv Trading Down 0.8 %

Shares of OVV stock opened at $44.62 on Monday. 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 market cap of $11.62 billion, a P/E ratio of 5.92 and a beta of 2.62. The company has a 50 day moving average of $40.92 and a 200-day moving average of $44.31. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95.

Institutional Trading of Ovintiv

Large investors have recently modified their holdings of the business. True Wealth Design LLC raised its position in Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after purchasing an additional 636 shares in the last quarter. Innealta Capital LLC purchased a new stake in Ovintiv in the second quarter worth approximately $39,000. UMB Bank n.a. grew its position in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after acquiring an additional 286 shares during the last quarter. Transamerica Financial Advisors Inc. purchased a new position in shares of Ovintiv during the third quarter worth approximately $65,000. Finally, International Assets Investment Management LLC bought a new stake in shares of Ovintiv in the 2nd quarter worth approximately $69,000. 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.