Ovintiv (NYSE:OVV) Given New $60.00 Price Target at Mizuho

Ovintiv (NYSE:OVV - Get Free Report) had its target price reduced by equities research analysts at Mizuho from $63.00 to $60.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Mizuho's target price indicates a potential upside of 50.91% from the company's current price.

OVV has been the topic of several other reports. Wells Fargo & Company decreased their target price on shares of Ovintiv from $51.00 to $42.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 1st. Morgan Stanley lowered their price objective on shares of Ovintiv from $53.00 to $51.00 and set an "equal weight" rating for the company in a research note on Monday, September 16th. Truist Financial increased their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Scotiabank boosted their price target on Ovintiv from $50.00 to $53.00 and gave the company a "sector outperform" rating in a report on Monday, November 18th. Finally, JPMorgan Chase & Co. cut their price objective on Ovintiv from $60.00 to $51.00 and set an "overweight" rating on the stock in a research report on Thursday, September 12th. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $56.59.

Ovintiv Trading Down 1.9 %

OVV stock traded down $0.75 during trading on Monday, hitting $39.76. 3,261,691 shares of the company traded hands, compared to its average volume of 3,070,333. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The company has a 50-day moving average of $42.32 and a 200-day moving average of $43.55. The firm has a market capitalization of $10.35 billion, a PE ratio of 5.37 and a beta of 2.63. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95.

Hedge Funds Weigh In On Ovintiv

Several large investors have recently made changes to their positions in the business. Drive Wealth Management LLC increased its position in Ovintiv by 2.5% during the 3rd quarter. Drive Wealth Management LLC now owns 10,309 shares of the company's stock valued at $395,000 after buying an additional 251 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of Ovintiv by 3.7% during the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company's stock valued at $304,000 after acquiring an additional 280 shares in the last quarter. UMB Bank n.a. raised its position in shares of Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock worth $50,000 after purchasing an additional 286 shares during the last quarter. OneDigital Investment Advisors LLC boosted its stake in Ovintiv by 5.2% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company's stock worth $231,000 after purchasing an additional 298 shares in the last quarter. Finally, Stifel Financial Corp boosted its stake in Ovintiv by 1.6% during the 3rd quarter. Stifel Financial Corp now owns 20,385 shares of the company's stock valued at $781,000 after purchasing an additional 322 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Company Profile

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.