Ovintiv (NYSE:OVV) Given New $72.00 Price Target at Truist Financial

Ovintiv (NYSE:OVVGet Rating) had its price target dropped by equities research analysts at Truist Financial from $80.00 to $72.00 in a report issued on Wednesday, The Fly reports. Truist Financial’s price target would suggest a potential upside of 63.86% from the stock’s current price.

A number of other research analysts also recently issued reports on OVV. JPMorgan Chase & Co. downgraded Ovintiv from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $50.00 to $53.00 in a research note on Tuesday, January 18th. Bank of America downgraded Ovintiv from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $60.00 to $73.00 in a research note on Tuesday, March 8th. Citigroup upped their price target on Ovintiv from $46.00 to $64.00 in a research note on Tuesday, April 26th. National Bankshares dropped their price target on Ovintiv from $90.00 to $60.00 in a research note on Thursday, April 14th. Finally, Morgan Stanley upped their price target on Ovintiv from $49.00 to $68.00 and gave the stock an “overweight” rating in a research note on Friday, April 22nd. Four research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $56.76.

Shares of NYSE:OVV opened at $43.94 on Wednesday. The company has a market capitalization of $11.36 billion, a price-to-earnings ratio of -19.36 and a beta of 3.17. 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 business’s 50-day moving average is $50.87 and its 200-day moving average is $42.06. Ovintiv has a 1 year low of $21.92 and a 1 year high of $57.60.

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

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Private Capital Group LLC grew its holdings in Ovintiv by 10.2% during the first quarter. Private Capital Group LLC now owns 2,907 shares of the company’s stock valued at $157,000 after purchasing an additional 270 shares during the period. Diversified Trust Co grew its holdings in Ovintiv by 0.8% during the first quarter. Diversified Trust Co now owns 34,031 shares of the company’s stock valued at $1,840,000 after purchasing an additional 286 shares during the period. Arizona State Retirement System grew its holdings in Ovintiv by 0.4% during the first quarter. Arizona State Retirement System now owns 70,575 shares of the company’s stock valued at $3,816,000 after purchasing an additional 305 shares during the period. Oliver Luxxe Assets LLC grew its holdings in Ovintiv by 3.5% during the fourth quarter. Oliver Luxxe Assets LLC now owns 10,973 shares of the company’s stock valued at $370,000 after purchasing an additional 372 shares during the period. Finally, Wedge Capital Management L L P NC grew its holdings in Ovintiv by 6.3% during the first quarter. Wedge Capital Management L L P NC now owns 6,316 shares of the company’s stock valued at $342,000 after purchasing an additional 377 shares during the period. 76.96% of the stock is owned by institutional investors and hedge funds.

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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