Ovintiv (NYSE:OVV) Raised to “Buy” at Bank of America

Ovintiv (NYSE:OVV) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Monday, MarketBeat.com reports. The brokerage presently has a $54.00 target price on the stock, down from their previous target price of $55.00. Bank of America‘s target price indicates a potential upside of 23.94% from the company’s current price.

Several other equities analysts have also weighed in on OVV. Barclays lifted their target price on shares of Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, November 15th. UBS Group cut their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Mizuho cut their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Evercore ISI cut their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. Finally, Truist Financial boosted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Four analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $56.75.

Ovintiv Stock Performance

NYSE:OVV opened at $43.57 on Monday. 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 firm has a market capitalization of $11.34 billion, a price-to-earnings ratio of 5.78 and a beta of 2.63. The firm’s fifty day simple moving average is $42.03 and its 200 day simple moving average is $42.51. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95.

Institutional Investors Weigh In On Ovintiv

Several institutional investors and hedge funds have recently bought and sold shares of the business. Drive Wealth Management LLC raised its stake in Ovintiv by 2.5% during the third quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock worth $395,000 after acquiring an additional 251 shares during the period. CIBC Asset Management Inc raised its stake in Ovintiv by 3.7% during the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock worth $304,000 after acquiring an additional 280 shares during the period. UMB Bank n.a. raised its stake in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after acquiring an additional 286 shares during the period. OneDigital Investment Advisors LLC raised its stake in Ovintiv by 5.2% during the third quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock worth $231,000 after acquiring an additional 298 shares during the period. Finally, Stifel Financial Corp raised its stake in Ovintiv by 1.6% during the third quarter. Stifel Financial Corp now owns 20,385 shares of the company’s stock worth $781,000 after acquiring an additional 322 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.