Ovintiv (NYSE:OVV) Stock Gets Price Target Bump from Barclays

Ovintiv (NYSE:OVV) had its price target upped by investment analysts at Barclays from $80.00 to $85.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 30.18% from the stock’s previous close.

OVV has been the topic of a number of other research reports. Scotia raised their target price on Ovintiv from $70.00 to $75.00 and gave the company a “sector outperform” rating in a report on Friday, October 2nd. Scotiabank upped their price target on Ovintiv from $75.00 to $80.00 and gave the stock a “sector outperform” rating in a report on Monday, October 19th. Morgan Stanley upped their price target on Ovintiv from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Thursday, October 15th. Zacks Research raised Ovintiv from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 27th. Finally, Weiss Ratings upgraded Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 2nd. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.57.

Ovintiv Price Performance

Shares of NYSE OVV traded up $0.41 during mid-day trading on Friday, hitting $65.30. 318,604 shares of the stock traded hands, compared to its average volume of 3,878,970. Ovintiv has a twelve month low of $36.81 and a twelve month high of $73.61. The firm has a 50 day simple moving average of $64.54 and a two-hundred day simple moving average of $58.45. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market cap of $17.55 billion, a PE ratio of 13.15 and a beta of 0.57.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of Ovintiv in the 2nd quarter worth about $1,422,959,000. Bank of New York Mellon Corp bought a new position in shares of Ovintiv during the 2nd quarter valued at approximately $124,308,000. Bank of America Corp DE bought a new position in shares of Ovintiv during the 2nd quarter valued at approximately $79,475,000. Arrowstreet Capital Limited Partnership increased its stake in shares of 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 during the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Ovintiv during the 2nd quarter worth approximately $50,852,000. Institutional investors own 83.81% of the company’s stock.

About Ovintiv

Ovintiv Inc. is an independent oil and natural gas producer focused on developing and producing crude oil, natural gas and natural gas liquids in North America. Its operations include exploration, drilling and production, supported by infrastructure and marketing activities related to its energy products. The company’s principal operating areas include the Permian Basin and Anadarko Basin in the United States, as well as the Montney formation in Canada. Its production serves energy markets through sales of oil, natural gas and natural gas liquids.