National Bank Financial Issues Positive Forecast for Ovintiv (NYSE:OVV) Stock Price

Key Points

• National Bank Financial raised Ovintiv’s price target from $94 to $95 and maintained an “outperform” rating, implying 32.34% upside from the prior close.
• Analyst sentiment remains positive: Ovintiv has an average “Moderate Buy” rating and a consensus price target of $72.32, with several brokerages recently increasing their targets.
• Ovintiv shares rose 0.9% to $71.78, near the stock’s 52-week high of $73.61; institutional investors own approximately 83.81% of the company.

Ovintiv (NYSE:OVV - Get Free Report) had its target price upped by investment analysts at National Bank Financial from $94.00 to $95.00 in a note issued to investors on Wednesday, BayStreet reports. The brokerage presently has an "outperform" rating on the stock. National Bank Financial's price target suggests a potential upside of 32.34% from the stock's previous close.

Several other brokerages have also recently weighed in on OVV. The Goldman Sachs Group increased their price target on Ovintiv from $65.00 to $72.00 and gave the company a "buy" rating in a research note on Tuesday. UBS Group reiterated a "buy" rating and issued a $85.00 target price on shares of Ovintiv in a report on Monday, September 14th. Wells Fargo & Company increased their target price on shares of Ovintiv from $79.00 to $82.00 and gave the company an "overweight" rating in a research report on Wednesday, October 14th. Canadian Imperial Bank of Commerce increased their target price on shares of Ovintiv from $65.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, October 9th. Finally, Citigroup raised their price target on shares of Ovintiv from $66.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Ovintiv presently has an average rating of "Moderate Buy" and an average target price of $72.32.

Ovintiv Trading Up 0.9%

NYSE:OVV traded up $0.65 during trading hours on Wednesday, hitting $71.78. 1,509,984 shares of the company were exchanged, compared to its average volume of 3,904,911. The stock has a market capitalization of $19.78 billion, a price-to-earnings ratio of 20.33 and a beta of 0.65. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv has a one year low of $35.47 and a one year high of $73.61. The company has a fifty day simple moving average of $64.62 and a 200 day simple moving average of $56.93.

Insider Buying and Selling at Ovintiv

In other news, EVP Rachel Moore sold 7,753 shares of Ovintiv stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the transaction, the executive vice president directly owned 72,530 shares of the company's stock, valued at approximately $4,592,599.60. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.85% of the company's stock.

Institutional Investors Weigh In On Ovintiv

Several institutional investors and hedge funds have recently made changes to their positions in OVV. Aberdeen Wealth Management LLC acquired a new position in Ovintiv in the second quarter valued at approximately $32,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Ovintiv during the 2nd quarter worth approximately $32,000. Markowski Investments bought a new stake in shares of Ovintiv in the 2nd quarter valued at $39,000. Root Financial Partners LLC increased its stake in shares of Ovintiv by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company's stock valued at $54,000 after acquiring an additional 277 shares in the last quarter. Finally, IFP Advisors Inc lifted its position in shares of Ovintiv by 69.0% during the 3rd quarter. IFP Advisors Inc now owns 1,764 shares of the company's stock valued at $102,000 after acquiring an additional 720 shares during the period. 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.

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