Ovintiv (NYSE:OVV – Get Free Report) had its target price lowered by analysts at Wells Fargo & Company from $82.00 to $81.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 27.81% from the company’s current price.
Several other research analysts have also weighed in on the stock. Weiss Ratings upgraded shares of Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 2nd. Stephens reissued a “positive” rating on shares of Ovintiv in a research note on Tuesday, October 27th. Wall Street Zen raised Ovintiv from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 3rd. Stifel Nicolaus started coverage on Ovintiv in a report on Wednesday, September 9th. They issued a “buy” rating and a $92.00 price target on the stock. Finally, Citigroup raised their price objective on Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $72.50.
Get Our Latest Stock Report on OVV
Ovintiv Stock Performance
Shares of OVV opened at $63.38 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv has a 52-week low of $36.81 and a 52-week high of $73.61. The company has a 50-day simple moving average of $64.98 and a 200-day simple moving average of $57.81. The company has a market capitalization of $17.46 billion, a PE ratio of 12.72 and a beta of 0.57.
Insider Buying and Selling
In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the sale, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.85% of the company’s stock.
Hedge Funds Weigh In On Ovintiv
A number of institutional investors have recently made changes to their positions in OVV. BlackRock Inc. purchased a new stake in shares of Ovintiv in the second quarter valued at $1,422,959,000. Arrowstreet Capital Limited Partnership increased its position in Ovintiv by 16.9% during the 1st 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. Bank of New York Mellon Corp increased its position in Ovintiv by 8.8% during the 1st quarter. Bank of New York Mellon Corp now owns 2,945,692 shares of the company’s stock worth $174,856,000 after purchasing an additional 239,054 shares in the last quarter. Van ECK Associates Corp increased its position in Ovintiv by 119.7% during the 2nd quarter. Van ECK Associates Corp now owns 1,717,400 shares of the company’s stock worth $90,421,000 after purchasing an additional 935,860 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in Ovintiv by 74.2% in the 1st quarter. First Trust Advisors LP now owns 1,481,562 shares of the company’s stock valued at $87,946,000 after purchasing an additional 631,262 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.
About Ovintiv
Ovintiv Inc is an independent energy company engaged in the exploration, development, production and marketing of oil, condensate, natural gas liquids and natural gas. The company’s operations are focused on North America, with production and resource development activities in the United States and Canada.
Ovintiv’s U.S. operations include assets in the Permian Basin of Texas and New Mexico and the Uinta Basin of Utah. In Canada, the company’s portfolio includes the Montney and Horn River natural gas and liquids-rich plays in British Columbia and Alberta.
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