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

Ovintiv (NYSE:OVV - Get Free Report) had its price target upped by research analysts at Truist Financial from $57.00 to $59.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's price objective suggests a potential upside of 34.70% from the stock's current price.

Several other analysts also recently issued reports on OVV. Mizuho dropped their price target on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 9th. Citigroup dropped their price target on Ovintiv from $58.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, October 7th. Barclays lifted their target price on Ovintiv from $53.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday. Wolfe Research began coverage on Ovintiv in a research report on Thursday, July 18th. They issued an "outperform" rating and a $65.00 target price on the stock. Finally, Evercore ISI lowered their target price on Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a research report on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $57.00.

Ovintiv Trading Down 2.1 %

OVV stock traded down $0.92 during midday trading on Friday, hitting $43.80. 3,799,662 shares of the company's stock were exchanged, compared to its average volume of 3,084,034. The stock's fifty day moving average price is $40.64 and its 200-day moving average price is $44.56. 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 market cap of $11.40 billion, a PE ratio of 5.87, a price-to-earnings-growth ratio of 7.64 and a beta of 2.62. Ovintiv has a one year low of $36.90 and a one year high of $55.95.

Institutional Investors Weigh In On Ovintiv

Hedge funds and other institutional investors have recently bought and sold shares of the business. True Wealth Design LLC raised its holdings in Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company's stock valued at $25,000 after acquiring an additional 636 shares during the period. Innealta Capital LLC bought a new stake in Ovintiv during the 2nd quarter valued at $39,000. UMB Bank n.a. raised its holdings in Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock valued at $50,000 after acquiring an additional 286 shares during the period. International Assets Investment Management LLC bought a new stake in Ovintiv during the 2nd quarter valued at $69,000. Finally, Covestor Ltd raised its holdings in Ovintiv by 23.1% during the 1st quarter. Covestor Ltd now owns 1,559 shares of the company's stock valued at $81,000 after acquiring an additional 293 shares during the period. Institutional investors own 83.81% of the company's stock.

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.