Ovintiv (NYSE:OVV) Receives “Overweight” Rating from Morgan Stanley

Ovintiv (NYSE:OVV)‘s stock had its “overweight” rating restated by analysts at Morgan Stanley in a research report issued on Wednesday,Benzinga reports. They presently have a $57.00 price objective on the stock. Morgan Stanley’s price objective suggests a potential upside of 30.23% from the company’s current price.

OVV has been the topic of a number of other reports. Truist Financial lifted their target price on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. National Bankshares boosted their price objective on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Citigroup lowered their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Finally, Mizuho decreased their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Three analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.11.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $43.77 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The company has a market cap of $11.40 billion, a PE ratio of 5.81 and a beta of 2.55. The firm has a fifty day moving average price of $42.75 and a two-hundred day moving average price of $41.84. Ovintiv has a fifty-two week low of $36.62 and a fifty-two week high of $55.95.

Hedge Funds Weigh In On Ovintiv

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Ovintiv by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock worth $1,193,272,000 after buying an additional 451,947 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its stake in Ovintiv by 17.2% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after acquiring an additional 1,207,610 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Ovintiv by 14.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company’s stock valued at $225,265,000 after acquiring an additional 683,700 shares during the last quarter. Geode Capital Management LLC grew its holdings in Ovintiv by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock worth $173,296,000 after acquiring an additional 205,409 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Ovintiv by 1,732.9% during 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 last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.