Truist Financial Forecasts Strong Price Appreciation for Ovintiv (NYSE:OVV) Stock

Ovintiv (NYSE:OVV) had its target price hoisted by equities researchers at Truist Financial from $57.00 to $59.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 33.21% from the company’s current price.

Several other brokerages have also recently weighed in on OVV. Barclays increased their price target on Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday. Evercore ISI lowered their price target on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Royal Bank of Canada lowered their price target on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a report on Thursday, August 1st. JPMorgan Chase & Co. lowered their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Finally, Wells Fargo & Company lowered their price target on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, October 1st. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

Ovintiv Trading Down 1.0 %

Ovintiv stock traded down $0.43 during trading hours on Friday, hitting $44.29. The stock had a trading volume of 628,101 shares, compared to its average volume of 3,069,287. The stock has a market cap of $11.53 billion, a price-to-earnings ratio of 5.87, a P/E/G ratio of 7.64 and a beta of 2.62. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The business’s 50 day simple moving average is $40.64 and its 200-day simple moving average is $44.56. Ovintiv has a one year low of $36.90 and a one year high of $55.95.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors have recently modified their holdings of the stock. True Wealth Design LLC boosted its position in shares of Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after buying an additional 636 shares during the last quarter. Innealta Capital LLC purchased a new position in Ovintiv in the 2nd quarter worth approximately $39,000. UMB Bank n.a. lifted its holdings in Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after purchasing an additional 286 shares in the last quarter. Transamerica Financial Advisors Inc. purchased a new stake in shares of Ovintiv during the 3rd quarter worth approximately $65,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Ovintiv during the 2nd quarter worth approximately $69,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.