Morgan Stanley Reiterates “Overweight” Rating for Ovintiv (NYSE:OVV)

Ovintiv (NYSE:OVV)‘s stock had its “overweight” rating reissued by investment analysts at Morgan Stanley in a research note issued on Wednesday, Marketbeat reports. They currently have a $57.00 target price on the stock. Morgan Stanley’s price objective indicates a potential upside of 31.59% from the company’s current price.

Other equities analysts also recently issued reports about the stock. BMO Capital Markets raised shares of Ovintiv from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $55.00 to $57.00 in a report on Monday. JPMorgan Chase & Co. cut their price target on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Mizuho dropped their target price on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Barclays boosted their price target on Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, Truist Financial increased their price objective on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $57.17.

Ovintiv Trading Down 1.5 %

Shares of OVV opened at $43.32 on Wednesday. The stock’s 50-day moving average price is $42.66 and its 200 day moving average price is $41.87. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $11.28 billion, a price-to-earnings ratio of 5.74 and a beta of 2.55. Ovintiv has a 12-month low of $36.62 and a 12-month high of $55.95.

Institutional Trading of Ovintiv

Large investors have recently added to or reduced their stakes in the company. True Wealth Design LLC boosted its stake in Ovintiv by 3,180.0% in the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after purchasing an additional 636 shares during the period. Colonial Trust Co SC bought a new position in Ovintiv in the fourth quarter valued at about $28,000. MassMutual Private Wealth & Trust FSB lifted its stake in Ovintiv by 100.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after purchasing an additional 360 shares during the last quarter. Smartleaf Asset Management LLC grew its position in Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after acquiring an additional 335 shares during the last quarter. Finally, Optiver Holding B.V. acquired a new position in shares of Ovintiv in the fourth quarter valued at approximately $40,000. 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.