Ovintiv (NYSE:OVV) Stock Price Expected to Rise, Barclays Analyst Says

Key Points

• Barclays raised its price target on Ovintiv from $75 to $80 and maintained an “overweight” rating, implying 27.07% upside from the prior close.
• Analyst sentiment is broadly positive: Ovintiv has a “Moderate Buy” consensus rating and an average price target of $72.55, with 22 analysts rating it Buy or Strong Buy and three rating it Hold.
• Ovintiv shares fell $3.47 to $62.96 in Wednesday trading; the stock’s 52-week range is $35.47 to $73.61.

Ovintiv (NYSE:OVV - Get Free Report) had its price target hoisted by equities research analysts at Barclays from $75.00 to $80.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price objective would indicate a potential upside of 27.07% from the company's previous close.

OVV has been the topic of several other research reports. UBS Group reaffirmed a "buy" rating and set a $85.00 price target on shares of Ovintiv in a research report on Monday, September 14th. Royal Bank Of Canada boosted their target price on Ovintiv from $85.00 to $90.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 13th. Morgan Stanley boosted their target price on Ovintiv from $67.00 to $71.00 and gave the company an "equal weight" rating in a report on Thursday, October 15th. Scotiabank boosted their price objective on Ovintiv from $75.00 to $80.00 and gave the company a "sector outperform" rating in a research note on Monday, October 19th. Finally, Wall Street Zen raised shares of Ovintiv from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 3rd. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Ovintiv has an average rating of "Moderate Buy" and a consensus price target of $72.55.

Ovintiv Price Performance

Shares of NYSE:OVV traded down $3.47 during trading on Wednesday, reaching $62.96. The stock had a trading volume of 2,818,628 shares, compared to its average volume of 3,900,622. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The business has a fifty day moving average price of $65.01 and a 200-day moving average price of $57.69. The stock has a market cap of $17.34 billion, a PE ratio of 17.78 and a beta of 0.57. Ovintiv has a 1-year low of $35.47 and a 1-year high of $73.61.

Insider Buying and Selling at Ovintiv

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.85% of the company's stock.

Institutional Investors Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in Ovintiv during the second quarter worth about $1,422,959,000. Arrowstreet Capital Limited Partnership grew its stake 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 valued at $467,874,000 after purchasing an additional 1,137,162 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Ovintiv by 8.8% in the 1st quarter. Bank of New York Mellon Corp now owns 2,945,692 shares of the company's stock valued at $174,856,000 after purchasing an additional 239,054 shares during the period. Van ECK Associates Corp raised its holdings in shares of Ovintiv by 119.7% in the 2nd quarter. Van ECK Associates Corp now owns 1,717,400 shares of the company's stock worth $90,421,000 after buying an additional 935,860 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Ovintiv by 42.5% in the 2nd quarter. Wellington Management Group LLP now owns 1,577,210 shares of the company's stock worth $83,040,000 after buying an additional 470,241 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

About Ovintiv

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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