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

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

Several other equities research analysts have also commented on the stock. National Bankshares boosted their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Citigroup decreased their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. JPMorgan Chase & Co. decreased their price objective on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Mizuho decreased their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Finally, Williams Trading set a $58.00 target price on shares of Ovintiv in a report on Wednesday, March 5th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $56.78.

Ovintiv Price Performance

Shares of Ovintiv stock traded down $0.18 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. Ovintiv has a 52-week low of $36.62 and a 52-week high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a fifty day moving average price of $42.85 and a 200-day moving average price of $41.80. The company has a market capitalization of $10.98 billion, a P/E ratio of 5.59 and a beta of 2.55.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. increased its position in Ovintiv by 11,282.4% during the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after purchasing an additional 6,486,159 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in Ovintiv by 1,732.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock worth $137,134,000 after purchasing an additional 3,203,087 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Ovintiv by 1,577.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company’s stock worth $99,587,000 after purchasing an additional 2,312,292 shares in the last quarter. Alyeska Investment Group L.P. increased its position in Ovintiv by 243.6% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company’s stock worth $103,870,000 after purchasing an additional 1,818,337 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in Ovintiv by 69.7% during the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company’s stock worth $132,992,000 after purchasing an additional 1,348,221 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.