Ovintiv (NYSE:OVV) Stock Rating Lowered by Wall Street Zen

Ovintiv (NYSE:OVV) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday, Wall Street Zen reports.

Several other analysts have also weighed in on OVV. Scotiabank upped their target price on Ovintiv from $75.00 to $80.00 and gave the company a “sector outperform” rating in a report on Monday, October 19th. Stephens reiterated a “positive” rating on shares of Ovintiv in a research report on Tuesday, October 27th. Weiss Ratings upgraded shares of Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 2nd. Scotia increased their price objective on shares of Ovintiv from $70.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Friday, October 2nd. Finally, Truist Financial raised their target price on shares of Ovintiv from $77.00 to $90.00 and gave the company a “buy” rating in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $74.33.

Ovintiv Stock Performance

NYSE OVV opened at $60.55 on Friday. The business has a 50 day moving average price of $64.82 and a 200 day moving average price of $58.02. The company has a market capitalization of $16.27 billion, a P/E ratio of 12.21 and a beta of 0.57. Ovintiv has a 1-year low of $36.81 and a 1-year high of $73.61. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.84 and a quick ratio of 0.84.

Insider Buying and Selling

In related news, EVP Rachel Moore sold 7,753 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the transaction, the executive vice president owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently modified their holdings of OVV. Allworth Financial LP grew its position in Ovintiv by 6.7% in the 3rd quarter. Allworth Financial LP now owns 3,537 shares of the company’s stock worth $186,000 after purchasing an additional 221 shares during the last quarter. Eurizon Capital SGR S.p.A. increased its stake in shares of Ovintiv by 289.3% in the third quarter. Eurizon Capital SGR S.p.A. now owns 1,016 shares of the company’s stock valued at $60,000 after purchasing an additional 755 shares during the period. Maryland State Retirement & Pension System increased its stake in shares of Ovintiv by 12.6% in the third quarter. Maryland State Retirement & Pension System now owns 16,271 shares of the company’s stock valued at $941,000 after purchasing an additional 1,815 shares during the period. Ritholtz Wealth Management raised its holdings in shares of Ovintiv by 105.9% during the third quarter. Ritholtz Wealth Management now owns 36,382 shares of the company’s stock valued at $2,104,000 after buying an additional 18,716 shares during the last quarter. Finally, Machina Capital S.A.S. bought a new stake in shares of Ovintiv during the third quarter valued at approximately $559,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

About Ovintiv

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.

Ovintiv was formerly known as Encana Corporation and adopted its current name in 2020.