Ovintiv (NYSE:OVV) Upgraded by BMO Capital Markets to Outperform Rating

Ovintiv (NYSE:OVV) was upgraded by investment analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research report issued on Monday, Marketbeat.com reports. The brokerage currently has a $57.00 price objective on the stock, up from their previous price objective of $55.00. BMO Capital Markets’ price target suggests a potential upside of 30.23% from the company’s previous close.

A number of other research analysts also recently commented on OVV. Bank of America raised shares of Ovintiv from a “neutral” rating to a “buy” rating and lowered their price target for the company from $55.00 to $54.00 in a report on Monday, January 13th. National Bankshares raised 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. UBS Group cut their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research report on Monday, December 9th. Wells Fargo & Company increased their price target on Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Finally, Barclays lifted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $56.79.

Ovintiv Price Performance

Ovintiv stock opened at $43.77 on Monday. Ovintiv has a 52-week low of $36.62 and a 52-week high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm’s fifty day moving average is $42.75 and its 200 day moving average is $41.84. The company has a market cap of $11.40 billion, a price-to-earnings ratio of 5.81 and a beta of 2.55.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Ninepoint Partners LP raised its position in Ovintiv by 16.9% during the 4th quarter. Ninepoint Partners LP now owns 225,000 shares of the company’s stock valued at $9,112,000 after purchasing an additional 32,500 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Ovintiv by 16.0% during the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock valued at $11,527,000 after buying an additional 37,341 shares during the period. Retirement Systems of Alabama raised its holdings in shares of Ovintiv by 4.4% in the third quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock valued at $12,288,000 after acquiring an additional 13,536 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Ovintiv by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company’s stock worth $77,508,000 after acquiring an additional 45,147 shares during the period. Finally, Merit Financial Group LLC bought a new position in Ovintiv during the 4th quarter worth about $333,000. Institutional investors own 83.81% of the company’s stock.

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.