Scotiabank Upgrades Ovintiv (NYSE:OVV) to "Strong-Buy"

Ovintiv (NYSE:OVV - Get Free Report) was upgraded by stock analysts at Scotiabank to a "strong-buy" rating in a research report issued to clients and investors on Wednesday, March 19th,Zacks.com reports.

OVV has been the subject of several other reports. JPMorgan Chase & Co. lowered their price target on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. UBS Group cut their target price 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. Bank of America raised shares of Ovintiv from a "neutral" rating to a "buy" rating and decreased their price target for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Williams Trading set a $58.00 price objective on Ovintiv in a research report on Wednesday, March 5th. Finally, National Bankshares increased their price objective on Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $57.11.

Ovintiv Trading Up 0.5 %

Shares of NYSE:OVV traded up $0.24 during midday trading on Wednesday, reaching $44.04. 3,260,751 shares of the company's stock were exchanged, compared to its average volume of 2,956,586. The stock has a market cap of $11.47 billion, a price-to-earnings ratio of 5.84 and a beta of 2.55. Ovintiv has a fifty-two week low of $36.62 and a fifty-two week high of $55.95. The firm's 50 day simple moving average is $42.71 and its two-hundred day simple moving average is $41.86. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

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Institutional Investors Weigh In On Ovintiv

Institutional investors and hedge funds have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership increased its position in shares of Ovintiv by 1,732.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock worth $137,134,000 after purchasing an additional 3,203,087 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Ovintiv by 1,577.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock worth $99,587,000 after buying an additional 2,312,292 shares during the period. Alyeska Investment Group L.P. lifted its stake in Ovintiv by 243.6% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock valued at $103,870,000 after buying an additional 1,818,337 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Ovintiv by 69.7% in the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock valued at $132,992,000 after acquiring an additional 1,348,221 shares during the period. Finally, Webs Creek Capital Management LP purchased a new position in shares of Ovintiv during the fourth quarter worth approximately $54,086,000. 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.