Ovintiv (NYSE:OVV) Stock Rating Upgraded by BMO Capital Markets

Ovintiv (NYSE:OVV) was upgraded by investment analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The firm currently has a $57.00 price objective on the stock, up from their previous price objective of $55.00. BMO Capital Markets’ price objective suggests a potential upside of 37.27% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. UBS Group reduced their target price on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Citigroup cut their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Wells Fargo & Company boosted their target price on Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday. Mizuho cut their price target on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Finally, Scotiabank upgraded Ovintiv to a “strong-buy” rating in a research report on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and an average target price of $56.79.

Ovintiv Stock Down 1.4 %

NYSE OVV opened at $41.52 on Monday. The business has a fifty day moving average price of $42.80 and a 200 day moving average price of $41.80. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market cap of $10.81 billion, a P/E ratio of 5.51 and a beta of 2.55. Ovintiv has a one year low of $36.62 and a one year high of $55.95.

Hedge Funds Weigh In On Ovintiv

Institutional investors have recently bought and sold shares of the company. Pathstone Holdings LLC lifted its position in shares of Ovintiv by 82.2% during the third 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. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Ovintiv during the 3rd quarter worth approximately $215,000. Advisors Asset Management Inc. lifted its holdings in Ovintiv by 88.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 11,337 shares of the company’s stock worth $434,000 after buying an additional 5,315 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Ovintiv by 7.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company’s stock valued at $71,587,000 after buying an additional 133,192 shares during the period. Finally, Citigroup Inc. boosted its position in Ovintiv by 3.5% in the 3rd quarter. Citigroup Inc. now owns 450,565 shares of the company’s stock valued at $17,261,000 after buying an additional 15,066 shares during the period. 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.