Ovintiv (NYSE:OVV) Stock Rating Upgraded by BMO Capital Markets

Ovintiv (NYSE:OVV) was upgraded by research analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a note issued to investors on Monday, MarketBeat reports. The brokerage presently has a $57.00 target price on the stock, up from their previous target price of $55.00. BMO Capital Markets’ price target would suggest a potential upside of 30.23% from the stock’s current price.

A number of other research firms also recently commented on OVV. Williams Trading set a $58.00 target price on shares of Ovintiv in a research report on Wednesday, March 5th. National Bankshares increased their target price on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Citigroup cut their price target on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. UBS Group lowered their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Finally, Wells Fargo & Company boosted their target price on shares of Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $56.79.

Ovintiv Stock Performance

Shares of NYSE OVV opened at $43.77 on Monday. The firm’s 50-day moving average price is $42.75 and its 200-day moving average price is $41.84. Ovintiv has a 52-week low of $36.62 and a 52-week high of $55.95. The company has a market cap of $11.40 billion, a PE ratio of 5.81 and a beta of 2.55. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Ninepoint Partners LP raised its position in shares of Ovintiv by 16.9% during the fourth quarter. Ninepoint Partners LP now owns 225,000 shares of the company’s stock valued at $9,112,000 after buying an additional 32,500 shares during the last quarter. Franklin Resources Inc. grew its stake in Ovintiv by 16.0% during the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock valued at $11,527,000 after acquiring an additional 37,341 shares in the last quarter. Retirement Systems of Alabama increased its holdings in Ovintiv by 4.4% in the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock valued at $12,288,000 after acquiring an additional 13,536 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Ovintiv by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company’s stock valued at $77,508,000 after purchasing an additional 45,147 shares during the last quarter. Finally, Merit Financial Group LLC bought a new position in shares of Ovintiv during the 4th quarter valued at about $333,000. 83.81% of the stock is owned by hedge funds and other 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.