Truist Financial Forecasts Strong Price Appreciation for Ovintiv (NYSE:OVV) Stock

Ovintiv (NYSE:OVV) had its price target increased by stock analysts at Truist Financial from $57.00 to $59.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target points to a potential upside of 33.21% from the company’s previous close.

A number of other equities research analysts have also issued reports on OVV. Wolfe Research initiated coverage on shares of Ovintiv in a research note on Thursday, July 18th. They set an “outperform” rating and a $65.00 target price for the company. Wells Fargo & Company dropped their price objective on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 1st. UBS Group reduced their price target on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Morgan Stanley reduced their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Finally, Barclays upped their target price on shares of Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday. Five 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $57.00.

Ovintiv Stock Down 1.0 %

NYSE:OVV traded down $0.43 during trading hours on Friday, hitting $44.29. 628,101 shares of the company’s stock traded hands, compared to its average volume of 3,069,287. The stock’s fifty day moving average price is $40.64 and its two-hundred day moving average price is $44.56. The firm has a market cap of $11.53 billion, a P/E ratio of 5.87, a P/E/G ratio of 7.64 and a beta of 2.62. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95.

Institutional Investors Weigh In On Ovintiv

Institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. boosted its stake in shares of Ovintiv by 11,282.4% in the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after buying an additional 6,486,159 shares during the period. AQR Capital Management LLC boosted its stake in shares of Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after buying an additional 1,618,556 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Ovintiv by 7,422.1% in the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock valued at $52,064,000 after buying an additional 1,340,947 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Ovintiv by 17.2% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after buying an additional 1,207,610 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Ovintiv by 3.8% in the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after buying an additional 1,024,931 shares during the period. 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.