Ovintiv (NYSE:OVV) Stock Gets Price Target Boost from Citigroup

Ovintiv (NYSE:OVV) had its target price boosted by investment analysts at Citigroup from $68.00 to $74.00 in a note issued to investors on Friday, Marketbeat.com reports. The firm currently has a “buy” rating on the stock. Citigroup‘s price target indicates a potential upside of 13.13% from the company’s previous close.

A number of other research firms also recently issued reports on OVV. Morgan Stanley raised their price target on Ovintiv from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 15th. National Bank Financial upped their price objective on Ovintiv from $94.00 to $95.00 and gave the company an “outperform” rating in a research report on Wednesday, October 28th. The Goldman Sachs Group increased their target price on Ovintiv from $65.00 to $72.00 and gave the company a “buy” rating in a report on Tuesday, October 27th. UBS Group reissued a “buy” rating and issued a $85.00 target price on shares of Ovintiv in a research report on Monday, September 14th. Finally, Scotiabank raised their target price on Ovintiv from $75.00 to $80.00 and gave the stock a “sector outperform” rating in a research report on Monday, October 19th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $74.86.

Ovintiv Stock Up 0.8%

NYSE:OVV traded up $0.52 on Friday, reaching $65.41. 3,167,334 shares of the stock traded hands, compared to its average volume of 3,423,048. The company has a market capitalization of $17.58 billion, a price-to-earnings ratio of 13.19 and a beta of 0.57. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.31. Ovintiv has a 12 month low of $36.81 and a 12 month high of $73.61. The company’s fifty day simple moving average is $64.53 and its 200 day simple moving average is $58.56.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Aberdeen Wealth Management LLC bought a new stake in Ovintiv during the second quarter valued at about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Ovintiv in the second quarter worth about $32,000. Markowski Investments bought a new position in shares of Ovintiv in the second quarter worth about $39,000. Rothschild Investment LLC boosted its stake in shares of Ovintiv by 67.2% in the third quarter. Rothschild Investment LLC now owns 918 shares of the company’s stock worth $53,000 after acquiring an additional 369 shares during the period. Finally, Eurizon Capital SGR S.p.A. grew its position in shares of Ovintiv by 289.3% during the third quarter. Eurizon Capital SGR S.p.A. now owns 1,016 shares of the company’s stock worth $60,000 after purchasing an additional 755 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

Ovintiv Inc. is an independent oil and natural gas producer focused on developing and producing crude oil, natural gas and natural gas liquids in North America. Its operations include exploration, drilling and production, supported by infrastructure and marketing activities related to its energy products. The company’s principal operating areas include the Permian Basin and Anadarko Basin in the United States, as well as the Montney formation in Canada. Its production serves energy markets through sales of oil, natural gas and natural gas liquids.