Barclays Forecasts Strong Price Appreciation for Ovintiv (NYSE:OVV) Stock

Ovintiv (NYSE:OVV) had its target price boosted by Barclays from $75.00 to $80.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 27.07% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Scotiabank upped their price objective on shares of Ovintiv from $75.00 to $80.00 and gave the stock a “sector outperform” rating in a research note on Monday, October 19th. The Goldman Sachs Group lifted their target price on shares of Ovintiv from $65.00 to $72.00 and gave the company a “buy” rating in a research note on Tuesday, October 27th. Weiss Ratings raised Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 2nd. National Bank Financial boosted their target price on Ovintiv from $94.00 to $95.00 and gave the stock an “outperform” rating in a report on Wednesday, October 28th. Finally, Truist Financial increased their price target on Ovintiv from $73.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, October 12th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.55.

Ovintiv Price Performance

Shares of OVV traded down $3.47 during trading hours on Wednesday, hitting $62.96. The stock had a trading volume of 2,818,628 shares, compared to its average volume of 3,900,622. The stock has a market capitalization of $17.34 billion, a price-to-earnings ratio of 17.78 and a beta of 0.57. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The company’s fifty day moving average is $65.01 and its two-hundred day moving average is $57.69. Ovintiv has a 52 week low of $35.47 and a 52 week high of $73.61.

Insider Buying and Selling at Ovintiv

In other news, EVP Rachel Moore sold 7,753 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president directly owned 72,530 shares in the company, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.85% of the company’s stock.

Institutional Trading of Ovintiv

A number of hedge funds and other institutional investors have recently modified their holdings of OVV. BlackRock Inc. bought a new position in Ovintiv in the 2nd quarter valued at $1,422,959,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Ovintiv by 16.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock valued at $467,874,000 after buying an additional 1,137,162 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Ovintiv by 8.8% in the 1st quarter. Bank of New York Mellon Corp now owns 2,945,692 shares of the company’s stock valued at $174,856,000 after buying an additional 239,054 shares during the period. Van ECK Associates Corp raised its position in shares of Ovintiv by 119.7% during the second quarter. Van ECK Associates Corp now owns 1,717,400 shares of the company’s stock worth $90,421,000 after acquiring an additional 935,860 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of Ovintiv by 74.2% during the first quarter. First Trust Advisors LP now owns 1,481,562 shares of the company’s stock worth $87,946,000 after acquiring an additional 631,262 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

About Ovintiv

Ovintiv Inc is an independent energy company engaged in the exploration, development, production and marketing of oil, condensate, natural gas liquids and natural gas. The company’s operations are focused on North America, with production and resource development activities in the United States and Canada.

Ovintiv’s U.S. operations include assets in the Permian Basin of Texas and New Mexico and the Uinta Basin of Utah. In Canada, the company’s portfolio includes the Montney and Horn River natural gas and liquids-rich plays in British Columbia and Alberta.