Ovintiv (NYSE:OVV) Rating Increased to Strong-Buy at Scotiabank

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

OVV has been the subject of a number of other research reports. Wells Fargo & Company boosted their target price on Ovintiv from $44.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 20th. National Bankshares upped their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. decreased their target price on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Bank of America raised Ovintiv from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Finally, Mizuho lowered their target price on Ovintiv from $63.00 to $60.00 and set an "outperform" rating for the company in a research note on Monday, December 16th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $56.79.

Ovintiv Price Performance

Shares of NYSE:OVV traded up $0.64 during trading on Wednesday, reaching $43.65. The company had a trading volume of 863,007 shares, compared to its average volume of 2,960,136. Ovintiv has a 12 month low of $36.62 and a 12 month high of $55.95. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $11.37 billion, a P/E ratio of 5.80 and a beta of 2.55. The company has a fifty day moving average of $42.77 and a two-hundred day moving average of $41.82.

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Institutional Investors Weigh In On Ovintiv

Several hedge funds have recently made changes to their positions in OVV. True Wealth Design LLC grew its position in shares of Ovintiv by 3,180.0% in the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company's stock worth $25,000 after buying an additional 636 shares during the period. Colonial Trust Co SC purchased a new stake in Ovintiv in the fourth quarter worth about $28,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of Ovintiv by 100.8% during the fourth 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 in the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after purchasing an additional 335 shares during the last quarter. Finally, Optiver Holding B.V. bought a new stake in shares of Ovintiv in the 4th quarter worth approximately $40,000. 83.81% of the stock is currently owned by 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.