Ovintiv’s (OVV) “Overweight” Rating Reaffirmed at Morgan Stanley

Ovintiv (NYSE:OVV)‘s stock had its “overweight” rating reaffirmed by investment analysts at Morgan Stanley in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $57.00 price objective on the stock. Morgan Stanley’s price objective indicates a potential upside of 30.23% from the stock’s previous close.

Several other equities research analysts also recently commented on OVV. UBS Group reduced their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a report on Monday, December 9th. Mizuho reduced their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Wells Fargo & Company lifted their target price on shares of Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 20th. Scotiabank upgraded shares of Ovintiv to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, Citigroup decreased their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.11.

Ovintiv Price Performance

NYSE OVV opened at $43.77 on Wednesday. The stock has a market capitalization of $11.40 billion, a P/E ratio of 5.81 and a beta of 2.55. 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 business’s fifty day moving average is $42.75 and its two-hundred day moving average is $41.84. Ovintiv has a 1 year low of $36.62 and a 1 year high of $55.95.

Hedge Funds Weigh In On Ovintiv

Several hedge funds have recently bought and sold shares of OVV. Vanguard Group Inc. boosted its stake in shares of Ovintiv by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock worth $1,193,272,000 after acquiring an additional 451,947 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in Ovintiv by 17.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after buying an additional 1,207,610 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Ovintiv by 14.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company’s stock worth $225,265,000 after acquiring an additional 683,700 shares during the period. Geode Capital Management LLC lifted its position in Ovintiv by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock worth $173,296,000 after acquiring an additional 205,409 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Ovintiv by 1,732.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock valued at $137,134,000 after acquiring an additional 3,203,087 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

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.