Ovintiv (NYSE:OVV) Stock Gets Price Target Increase from Truist Financial

Ovintiv (NYSE:OVV) had its price objective lifted by equities researchers at Truist Financial from $77.00 to $90.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial‘s price objective indicates a potential upside of 48.63% from the stock’s previous close.

A number of other equities analysts have also commented on the stock. Weiss Ratings raised shares of Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 2nd. Scotia boosted their price target on Ovintiv from $70.00 to $75.00 and gave the company a “sector outperform” rating in a report on Friday, October 2nd. The Goldman Sachs Group increased their price objective on Ovintiv from $65.00 to $72.00 and gave the stock a “buy” rating in a research note on Tuesday, October 27th. National Bank Financial raised their price objective on Ovintiv from $94.00 to $95.00 and gave the stock an “outperform” rating in a report on Wednesday, October 28th. Finally, Stifel Nicolaus initiated coverage on Ovintiv in a report on Wednesday, September 9th. They set a “buy” rating and a $92.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $74.33.

Ovintiv Trading Down 0.6%

Ovintiv stock traded down $0.36 during mid-day trading on Thursday, hitting $60.55. The company’s stock had a trading volume of 3,826,156 shares, compared to its average volume of 3,225,096. The company has a 50 day moving average of $64.82 and a 200-day moving average of $58.02. The stock has a market cap of $16.68 billion, a PE ratio of 12.21 and a beta of 0.57. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. Ovintiv has a one year low of $36.81 and a one year high of $73.61.

Insider Transactions at Ovintiv

In related news, EVP Rachel Moore sold 7,753 shares of Ovintiv stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president directly owned 72,530 shares of the company’s stock, valued at $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Ovintiv in the second quarter worth about $1,422,959,000. Bank of New York Mellon Corp purchased a new position in shares of Ovintiv in the 2nd quarter worth approximately $124,308,000. Bank of America Corp DE purchased a new position in shares of Ovintiv in the 2nd quarter worth approximately $79,475,000. Arrowstreet Capital Limited Partnership grew its position in shares of Ovintiv by 16.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock worth $467,874,000 after buying an additional 1,137,162 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in shares of Ovintiv during the 2nd quarter worth approximately $50,852,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

Ovintiv Inc is an independent energy company engaged in the exploration, development, production and marketing of oil, condensate, natural gas liquids and natural gas. The company’s operations are focused on North America, with production and resource development activities in the United States and Canada.

Ovintiv’s U.S. operations include assets in the Permian Basin of Texas and New Mexico and the Uinta Basin of Utah. In Canada, the company’s portfolio includes the Montney and Horn River natural gas and liquids-rich plays in British Columbia and Alberta.