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

Ovintiv (NYSE:OVV) had its price target increased by research analysts at Barclays from $80.00 to $85.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price suggests a potential upside of 30.18% from the company’s current price.

Several other analysts have also issued reports on the stock. Scotia boosted their price target on shares of Ovintiv from $70.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Friday, October 2nd. Weiss Ratings raised shares of Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 2nd. Zacks Research raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 27th. Royal Bank Of Canada lifted their price objective on shares of Ovintiv from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Tuesday, October 13th. Finally, Wells Fargo & Company lowered their target price on shares of Ovintiv from $82.00 to $81.00 and set an “overweight” rating on the stock in a report on Thursday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $74.57.

Ovintiv Stock Performance

NYSE OVV traded up $0.41 during trading on Friday, hitting $65.30. 318,604 shares of the company’s stock traded hands, compared to its average volume of 3,878,970. The stock has a market capitalization of $17.55 billion, a price-to-earnings ratio of 13.15 and a beta of 0.57. Ovintiv has a 12-month low of $36.81 and a 12-month high of $73.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.84 and a current ratio of 0.84. The business has a 50 day moving average of $64.54 and a 200-day moving average of $58.45.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Ovintiv during the 2nd quarter valued at $1,422,959,000. Arrowstreet Capital Limited Partnership grew its position in Ovintiv by 16.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock worth $467,874,000 after buying an additional 1,137,162 shares in the last quarter. Bank of New York Mellon Corp grew its position in Ovintiv by 8.8% during 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 in the last quarter. Van ECK Associates Corp increased its stake in Ovintiv by 119.7% in the 2nd quarter. Van ECK Associates Corp now owns 1,717,400 shares of the company’s stock worth $90,421,000 after acquiring an additional 935,860 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Ovintiv by 42.5% in the 2nd quarter. Wellington Management Group LLP now owns 1,577,210 shares of the company’s stock worth $83,040,000 after acquiring an additional 470,241 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

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.