Ovintiv Inc. (NYSE:OVV) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Ovintiv Inc. (NYSE:OVV) have received a consensus rating of “Moderate Buy” from the eighteen research firms that are presently covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $56.88.

Several analysts have commented on the company. Mizuho reduced their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Truist Financial upped their price objective on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Wells Fargo & Company cut their target price on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 17th. UBS Group cut their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, December 9th. Finally, Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and cut their target price for the stock from $55.00 to $54.00 in a research note on Monday, January 13th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of OVV. Pacer Advisors Inc. lifted its stake in shares of Ovintiv by 11,282.4% during the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after purchasing an additional 6,486,159 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Ovintiv by 1,732.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock worth $137,134,000 after acquiring an additional 3,203,087 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Ovintiv by 1,577.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company’s stock worth $99,587,000 after acquiring an additional 2,312,292 shares in the last quarter. Alyeska Investment Group L.P. lifted its stake in shares of Ovintiv by 243.6% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company’s stock worth $103,870,000 after acquiring an additional 1,818,337 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Ovintiv by 69.7% in the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company’s stock worth $132,992,000 after acquiring an additional 1,348,221 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Down 4.9 %

OVV opened at $43.33 on Friday. The business has a 50 day moving average price of $42.59 and a two-hundred day moving average price of $42.10. 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 company has a market cap of $11.28 billion, a PE ratio of 5.75 and a beta of 2.60. Ovintiv has a 52 week low of $36.90 and a 52 week high of $55.95.

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.