Ovintiv (NYSE:OVV) Upgraded by Scotiabank to “Strong-Buy” Rating

Ovintiv (NYSE:OVV) was upgraded by equities research analysts at Scotiabank to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Several other research firms have also recently commented on OVV. Williams Trading set a $58.00 price target on shares of Ovintiv in a report on Wednesday, March 5th. Citigroup decreased their target price on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Wells Fargo & Company upped their price target on shares of Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday. JPMorgan Chase & Co. reduced their price objective on Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Mizuho dropped their target price on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and an average price target of $56.78.

Ovintiv Stock Down 1.4 %

Shares of Ovintiv stock opened at $41.52 on Wednesday. Ovintiv has a 1 year low of $36.62 and a 1 year high of $55.95. The company has a market cap of $10.81 billion, a P/E ratio of 5.51 and a beta of 2.55. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a 50-day moving average price of $42.80 and a 200 day moving average price of $41.79.

Institutional Investors Weigh In On Ovintiv

Hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its position in shares of Ovintiv by 0.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock worth $2,647,000 after purchasing an additional 231 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. lifted its holdings in shares of Ovintiv by 2.8% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock worth $412,000 after buying an additional 276 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of Ovintiv by 13.4% in the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock valued at $97,000 after acquiring an additional 282 shares during the period. OneDigital Investment Advisors LLC boosted its position in shares of Ovintiv by 5.2% in the third quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock valued at $231,000 after acquiring an additional 298 shares during the period. Finally, Daiwa Securities Group Inc. increased its position in Ovintiv by 1.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company’s stock worth $830,000 after acquiring an additional 300 shares during the period. 83.81% of the stock is currently owned by institutional investors.

About Ovintiv

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.