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

Ovintiv (NYSE:OVV)‘s stock had its “overweight” rating reaffirmed by analysts at Morgan Stanley in a research report issued on Wednesday, Marketbeat reports. They currently have a $57.00 price objective on the stock. Morgan Stanley’s target price indicates a potential upside of 31.59% from the company’s previous close.

OVV has been the topic of a number of other research reports. Wells Fargo & Company boosted their target price on shares of Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a research note on Wednesday, March 19th. 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. Williams Trading set a $58.00 price target on Ovintiv in a research note on Wednesday, March 5th. Finally, BMO Capital Markets raised Ovintiv from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $55.00 to $57.00 in a research report on Monday. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Ovintiv presently has a consensus rating of “Buy” and an average price target of $57.17.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $43.32 on Wednesday. Ovintiv has a 1-year low of $36.62 and a 1-year 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’s fifty day simple moving average is $42.66 and its two-hundred day simple moving average is $41.87. The stock has a market cap of $11.28 billion, a PE ratio of 5.74 and a beta of 2.55.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in OVV. Vanguard Group Inc. grew its position 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 valued at $1,193,272,000 after acquiring an additional 451,947 shares during the period. Hotchkis & Wiley Capital Management LLC raised its stake in Ovintiv by 17.2% during 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 purchasing an additional 1,207,610 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Ovintiv by 14.0% during the fourth 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 last quarter. Geode Capital Management LLC grew its position in shares of Ovintiv by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after purchasing an additional 205,409 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Ovintiv by 1,732.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock worth $137,134,000 after acquiring an additional 3,203,087 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

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.