Ovintiv (NYSE:OVV) Price Target Raised to $95.00

Ovintiv (NYSE:OVV) had its price objective hoisted by National Bank Financial from $94.00 to $95.00 in a research report report published on Wednesday morning, Marketbeat Ratings reports. They currently have an outperform rating on the stock.

OVV has been the subject of a number of other research reports. Scotia increased their target price on Ovintiv from $70.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Friday, October 2nd. Weiss Ratings upgraded shares of Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 2nd. Seaport Research Partners started coverage on shares of Ovintiv in a research report on Thursday, September 3rd. They set a “neutral” rating on the stock. Stifel Nicolaus began coverage on shares of Ovintiv in a research report on Wednesday, September 9th. They set a “buy” rating and a $92.00 target price on the stock. Finally, Wells Fargo & Company upped their target price on shares of Ovintiv from $79.00 to $82.00 and gave the company an “overweight” rating in a research note on Wednesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $72.32.

Ovintiv Stock Up 1.5%

Shares of Ovintiv stock opened at $72.61 on Wednesday. Ovintiv has a twelve month low of $35.47 and a twelve month high of $73.61. The stock has a market cap of $20.00 billion, a price-to-earnings ratio of 11.62 and a beta of 0.65. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The company has a fifty day moving average price of $64.99 and a 200 day moving average price of $57.42.

Insider Buying and Selling

In related news, EVP Rachel Moore sold 7,753 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the transaction, the executive vice president owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate 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. acquired a new position in shares of Ovintiv in the 2nd quarter valued at about $1,422,959,000. Arrowstreet Capital Limited Partnership lifted its holdings in Ovintiv by 16.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock valued at $467,874,000 after acquiring an additional 1,137,162 shares during the last quarter. Bank of New York Mellon Corp grew its position in Ovintiv by 8.8% in the first quarter. Bank of New York Mellon Corp now owns 2,945,692 shares of the company’s stock worth $174,856,000 after buying an additional 239,054 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Ovintiv by 119.7% during the second 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 during the period. Finally, Wellington Management Group LLP raised its holdings in Ovintiv by 42.5% during the 2nd quarter. Wellington Management Group LLP now owns 1,577,210 shares of the company’s stock worth $83,040,000 after buying an additional 470,241 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Company Profile

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.