Barclays Boosts Ovintiv (NYSE:OVV) Price Target to $57.00

Ovintiv (NYSE:OVV) had its price target increased by stock analysts at Barclays from $53.00 to $57.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 27.06% from the stock’s current price.

A number of other analysts have also recently commented on the company. UBS Group lowered their price target on Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Royal Bank of Canada reduced their price target on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research report on Thursday, August 1st. Wolfe Research assumed coverage on shares of Ovintiv in a report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price objective on the stock. Mizuho decreased their target price on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Finally, Truist Financial reduced their price objective on Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.29.

Ovintiv Stock Performance

NYSE:OVV traded up $0.14 during trading hours on Friday, hitting $44.86. 250,248 shares of the company were exchanged, compared to its average volume of 3,068,046. The company’s 50 day moving average price is $40.64 and its 200-day moving average price is $44.56. The stock has a market capitalization of $11.68 billion, a price-to-earnings ratio of 5.95, a PEG ratio of 7.64 and a beta of 2.62. Ovintiv has a 52-week low of $36.90 and a 52-week high of $55.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Institutional Trading of Ovintiv

A number of institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. boosted its position in Ovintiv by 11,282.4% during the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after acquiring an additional 6,486,159 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Ovintiv by 114.9% during the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock worth $141,889,000 after purchasing an additional 1,618,556 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Ovintiv by 7,422.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock worth $52,064,000 after purchasing an additional 1,340,947 shares during the last quarter. Vanguard Group Inc. grew its position 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 purchasing an additional 1,024,931 shares in the last quarter. Finally, SIR Capital Management L.P. acquired a new stake in shares of Ovintiv in the second quarter valued at approximately $22,732,000. 83.81% of the stock is owned by institutional investors and hedge funds.

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.