Ovintiv (NYSE:OVV) Price Target Raised to $64.00

Ovintiv (NYSE:OVVGet Rating) had its target price hoisted by research analysts at Citigroup from $46.00 to $64.00 in a research note issued on Tuesday, April 26th, The Fly reports. Citigroup’s price target suggests a potential upside of 12.83% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Mizuho upped their target price on shares of Ovintiv from $54.00 to $78.00 and gave the stock a “buy” rating in a research note on Thursday, March 31st. Barclays increased their price objective on shares of Ovintiv from $45.00 to $56.00 in a research note on Friday, March 18th. Scotiabank upgraded shares of Ovintiv from a “sector perform” rating to a “sector outperform” rating and increased their price objective for the company from $44.00 to $46.00 in a research note on Thursday, January 13th. National Bankshares dropped their price objective on shares of Ovintiv from $90.00 to $60.00 in a research note on Thursday, April 14th. Finally, Bank of America downgraded shares of Ovintiv from a “buy” rating to a “neutral” rating and increased their price objective for the company from $60.00 to $73.00 in a research note on Tuesday, March 8th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ovintiv currently has an average rating of “Buy” and a consensus target price of $56.75.

OVV stock traded up $5.77 during mid-day trading on Tuesday, reaching $56.72. The company had a trading volume of 4,419,377 shares, compared to its average volume of 4,108,309. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.58 and a quick ratio of 0.58. The company has a market capitalization of $14.67 billion, a PE ratio of -23.93 and a beta of 3.17. The firm has a 50 day moving average of $50.13 and a 200 day moving average of $41.62. Ovintiv has a 12 month low of $21.92 and a 12 month high of $57.21.

In related news, Director Howard John Mayson sold 2,200 shares of the firm’s stock in a transaction on Friday, March 18th. The shares were sold at an average price of $48.09, for a total transaction of $105,798.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas G. Ricks sold 10,000 shares of the firm’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $53.73, for a total transaction of $537,300.00. Following the transaction, the director now directly owns 145,500 shares of the company’s stock, valued at approximately $7,817,715. The disclosure for this sale can be found here. Company insiders own 0.76% of the company’s stock.

Several institutional investors have recently modified their holdings of OVV. Marshall Wace LLP increased its holdings in Ovintiv by 9,931.2% in the fourth quarter. Marshall Wace LLP now owns 3,939,360 shares of the company’s stock valued at $132,756,000 after buying an additional 3,900,089 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Ovintiv by 436.0% in the first quarter. Assenagon Asset Management S.A. now owns 4,284,600 shares of the company’s stock valued at $231,668,000 after buying an additional 3,485,198 shares in the last quarter. Miller Value Partners LLC purchased a new position in Ovintiv in the fourth quarter valued at $73,897,000. Scout Investments Inc. purchased a new position in Ovintiv in the first quarter valued at $110,474,000. Finally, Point72 Asset Management L.P. increased its holdings in Ovintiv by 125.9% in the fourth quarter. Point72 Asset Management L.P. now owns 2,958,747 shares of the company’s stock valued at $99,710,000 after buying an additional 1,649,165 shares in the last quarter. 76.96% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Company Profile (Get Rating)

Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

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