Wells Fargo & Company Issues Positive Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its price objective increased by Wells Fargo & Company from $44.00 to $45.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 6.69% from the stock’s current price.

OVV has been the subject of several other research reports. UBS Group lowered their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, December 9th. National Bankshares lifted their price target on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Barclays lifted their price target on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. decreased their price target on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, Mizuho reduced their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.78.

Ovintiv Stock Down 0.4 %

Shares of NYSE OVV traded down $0.18 during midday trading on Thursday, hitting $42.18. The company’s stock had a trading volume of 2,392,448 shares, compared to its average volume of 2,896,125. The business’s fifty day simple moving average is $42.85 and its two-hundred day simple moving average is $41.80. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv has a 1 year low of $36.62 and a 1 year high of $55.95. The firm has a market capitalization of $10.98 billion, a price-to-earnings ratio of 5.59 and a beta of 2.55.

Hedge Funds Weigh In On Ovintiv

Several institutional investors have recently bought and sold shares of OVV. OneDigital Investment Advisors LLC increased its stake in Ovintiv by 5.2% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock valued at $231,000 after buying an additional 298 shares during the period. CIBC Asset Management Inc boosted its position in shares of Ovintiv by 3.7% during the 3rd quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock worth $304,000 after purchasing an additional 280 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Ovintiv by 1.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 148,384 shares of the company’s stock worth $5,684,000 after purchasing an additional 1,891 shares in the last quarter. Pathstone Holdings LLC boosted its position in shares of Ovintiv by 82.2% during the 3rd quarter. Pathstone Holdings LLC now owns 41,645 shares of the company’s stock worth $1,595,000 after purchasing an additional 18,783 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Ovintiv during the 3rd quarter worth $215,000. 83.81% of the stock is owned by institutional investors and hedge funds.

About Ovintiv

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.