Ovintiv Inc. (NYSE:OVV) Receives $56.88 Consensus Price Target from Analysts

Ovintiv Inc. (NYSE:OVV) has received an average recommendation of “Moderate Buy” from the eighteen brokerages that are currently covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $56.88.

OVV has been the subject of several analyst reports. Barclays lifted their price objective on Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Scotiabank boosted their price target on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday, November 18th. Citigroup reduced their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. UBS Group decreased their target price on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Finally, Wells Fargo & Company cut their price target on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th.

Ovintiv Stock Down 1.1 %

NYSE OVV opened at $41.84 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market cap of $10.89 billion, a price-to-earnings ratio of 5.55 and a beta of 2.60. The company has a 50 day moving average of $42.81 and a 200-day moving average of $42.13. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95.

Hedge Funds Weigh In On Ovintiv

Large investors have recently bought and sold shares of the company. True Wealth Design LLC increased its stake in shares of Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after buying an additional 636 shares during the period. Colonial Trust Co SC bought a new stake in Ovintiv during the 4th quarter worth approximately $28,000. MassMutual Private Wealth & Trust FSB grew its holdings in Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after acquiring an additional 360 shares during the last quarter. Smartleaf Asset Management LLC increased its position in Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after acquiring an additional 335 shares during the period. Finally, Mizuho Bank Ltd. bought a new position in shares of Ovintiv during the fourth quarter valued at $40,000. 83.81% of the stock is currently owned by institutional investors.

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.