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

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

A number of other analysts also recently issued reports on OVV. National Bankshares lifted their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Truist Financial lifted their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Wells Fargo & Company boosted their target price on shares of Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday. Williams Trading set a $58.00 target price on shares of Ovintiv in a report on Wednesday, March 5th. Finally, UBS Group lowered their target price 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. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.78.

Ovintiv Price Performance

NYSE OVV opened at $41.52 on Wednesday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 12-month low of $36.62 and a 12-month high of $55.95. The company has a market capitalization of $10.81 billion, a PE ratio of 5.51 and a beta of 2.55. The firm’s 50 day moving average is $42.80 and its 200-day moving average is $41.79.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OVV. Nisa Investment Advisors LLC boosted its position in shares of Ovintiv by 0.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock valued at $2,647,000 after acquiring an additional 231 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Ovintiv by 2.8% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock valued at $412,000 after acquiring an additional 276 shares during the period. 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. boosted its position in shares of Ovintiv by 1.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company’s stock valued at $830,000 after acquiring an additional 300 shares during the period. 83.81% of the stock is 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.