Ovintiv (NYSE:OVV) Upgraded to “Outperform” at BMO Capital Markets

Ovintiv (NYSE:OVV) was upgraded by investment analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a report released on Monday, Marketbeat reports. The firm presently has a $57.00 price target on the stock, up from their previous price target of $55.00. BMO Capital Markets’ target price indicates a potential upside of 37.27% from the company’s current price.

Several other analysts have also commented on the stock. Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a research report on Wednesday, March 19th. UBS Group lowered their target price on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, December 9th. Barclays lifted their price target on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Citigroup decreased their price objective on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. dropped their target price on Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.79.

Ovintiv Trading Down 1.4 %

OVV opened at $41.52 on Monday. Ovintiv has a 12 month low of $36.62 and a 12 month high of $55.95. The stock has a fifty day moving average price of $42.80 and a 200-day moving average price of $41.80. The firm has a market cap of $10.81 billion, a price-to-earnings 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.

Institutional Investors Weigh In On Ovintiv

Hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership grew its stake in Ovintiv by 1,732.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock valued at $137,134,000 after acquiring an additional 3,203,087 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Ovintiv by 1,577.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company’s stock valued at $99,587,000 after purchasing an additional 2,312,292 shares during the period. Alyeska Investment Group L.P. grew its position in shares of Ovintiv by 243.6% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company’s stock valued at $103,870,000 after purchasing an additional 1,818,337 shares during the period. AQR Capital Management LLC increased its stake in shares of Ovintiv by 69.7% during the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company’s stock worth $132,992,000 after purchasing an additional 1,348,221 shares in the last quarter. Finally, Webs Creek Capital Management LP acquired a new position in shares of Ovintiv during the 4th quarter worth about $54,086,000. 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.