Ovintiv (NYSE:OVV) Price Target Raised to $83.00

Ovintiv (NYSE:OVV – Get Free Report) had its price objective increased by investment analysts at National Bank Financial from $82.00 to $83.00 in a report released on Wednesday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. National Bank Financial’s target price indicates a potential upside of 47.86% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Truist Financial reduced their price target on shares of Ovintiv from $72.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, May 13th. The Goldman Sachs Group raised their target price on shares of Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, March 11th. Zacks Research downgraded shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Royal Bank Of Canada set a $70.00 price target on Ovintiv and gave the company an “outperform” rating in a research note on Monday, June 22nd. Finally, TD Cowen lifted their price target on Ovintiv from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and an average target price of $64.37.

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Ovintiv Price Performance

Shares of OVV traded up $1.16 during midday trading on Wednesday, hitting $56.13. The company’s stock had a trading volume of 1,351,533 shares, compared to its average volume of 4,268,680. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. Ovintiv has a one year low of $35.47 and a one year high of $63.46. The stock has a market capitalization of $15.77 billion, a price-to-earnings ratio of 18.16 and a beta of 0.53. The company’s fifty day simple moving average is $56.73 and its two-hundred day simple moving average is $51.43.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in shares of Ovintiv by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after acquiring an additional 1,669,469 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Ovintiv by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock worth $387,601,000 after purchasing an additional 203,256 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in Ovintiv by 16.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock worth $467,874,000 after purchasing an additional 1,137,162 shares in the last quarter. Millennium Management LLC increased its holdings in Ovintiv by 116.3% in the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its stake in Ovintiv by 13.5% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock valued at $214,060,000 after buying an additional 650,000 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Company Profile

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Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.

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