Ovintiv (NYSE:OVV) Given New $53.00 Price Target at Scotiabank

Ovintiv (NYSE:OVV) had its target price hoisted by Scotiabank from $50.00 to $53.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s price target indicates a potential upside of 17.80% from the company’s previous close.

Several other analysts also recently commented on the stock. Mizuho dropped their target price on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Citigroup cut their price target on Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Royal Bank of Canada reduced their price objective on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research report on Thursday, August 1st. Finally, Evercore ISI dropped their target price on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.59.

Ovintiv Trading Up 2.7 %

OVV stock traded up $1.20 during midday trading on Monday, hitting $44.99. 429,092 shares of the company’s stock were exchanged, compared to its average volume of 3,072,128. Ovintiv has a one year low of $36.90 and a one year high of $55.95. 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 $11.71 billion, a PE ratio of 5.96, a price-to-earnings-growth ratio of 7.97 and a beta of 2.62. The stock’s fifty day moving average price is $40.71 and its 200-day moving average price is $44.41.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Pacer Advisors Inc. lifted its holdings in Ovintiv by 11,282.4% during the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after purchasing 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 buying an additional 1,618,556 shares during the period. 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 buying an additional 1,340,947 shares during the period. Hotchkis & Wiley Capital Management LLC grew its stake in Ovintiv by 17.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after buying an additional 1,207,610 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Ovintiv by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after acquiring an additional 1,024,931 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.