Ovintiv (NYSE:OVV) Stock Price Target Lowered at Wells Fargo & Company

Key Points

• Wells Fargo lowered its Ovintiv price target from $82 to $81 but maintained an “overweight” rating, implying 27.81% upside from the prior close.
• Analyst sentiment remains positive overall: MarketBeat lists a “Moderate Buy” consensus and a $72.50 average target, with 22 analysts rating the stock Buy or Strong Buy and three rating it Hold.
• Institutional investors and hedge funds own 83.81% of Ovintiv shares; several firms, including Bank of America, reported new positions during the second quarter.

Ovintiv (NYSE:OVV - Get Free Report) had its price objective lowered by investment analysts at Wells Fargo & Company from $82.00 to $81.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective suggests a potential upside of 27.81% from the company's previous close.

Several other research analysts also recently weighed in on OVV. Seaport Research Partners assumed coverage on shares of Ovintiv in a research report on Thursday, September 3rd. They set a "neutral" rating for the company. Weiss Ratings raised shares of Ovintiv from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 2nd. UBS Group reiterated a "buy" rating and issued a $85.00 target price on shares of Ovintiv in a research report on Monday, September 14th. Barclays raised their price target on shares of Ovintiv from $75.00 to $80.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, Stifel Nicolaus assumed coverage on shares of Ovintiv in a research report on Wednesday, September 9th. They set a "buy" rating and a $92.00 price target on the stock. Two equities research 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. According to MarketBeat.com, Ovintiv has a consensus rating of "Moderate Buy" and an average target price of $72.50.

Ovintiv Stock Up 1.1%

Ovintiv stock opened at $63.38 on Thursday. The stock has a market capitalization of $17.46 billion, a PE ratio of 12.72 and a beta of 0.57. The business has a 50 day simple moving average of $64.98 and a 200-day simple moving average of $57.81. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. Ovintiv has a 12 month low of $36.81 and a 12 month high of $73.61.

Insider Activity

In other news, EVP Rachel Moore sold 7,753 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the sale, the executive vice president directly owned 72,530 shares in the company, valued at approximately $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 accessible through the SEC website. Insiders own 0.85% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Man Group plc purchased a new stake in shares of Ovintiv in the second quarter valued at about $936,000. Bank of America Corp DE purchased a new position in Ovintiv during the second quarter worth about $79,475,000. Corient Private Wealth LP acquired a new stake in Ovintiv in the second quarter valued at about $9,481,000. PensionDanmark Pensionsforsikringsaktieselskab purchased a new stake in Ovintiv in the 2nd quarter valued at approximately $4,738,000. Finally, Core Capital Management & Research inc. acquired a new position in Ovintiv during the 2nd quarter worth approximately $4,716,000. 83.81% of the stock is owned by institutional investors and hedge funds.

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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