Ovintiv Inc. (NYSE:OVV – Get Rating) shares rose 8.5% during trading on Monday . The company traded as high as $50.08 and last traded at $49.91. Approximately 112,786 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 4,375,174 shares. The stock had previously closed at $46.00.

Analyst Ratings Changes

OVV has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on Ovintiv from $64.00 to $66.00 and gave the company an "overweight" rating in a report on Wednesday, July 13th. Royal Bank of Canada boosted their target price on Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a research report on Monday, September 19th. National Bank Financial boosted their target price on Ovintiv from $90.00 to $115.00 in a research report on Thursday, June 16th. Bank of America boosted their target price on Ovintiv from $60.00 to $70.00 in a research report on Tuesday, September 20th. Finally, Mizuho cut their target price on Ovintiv from $77.00 to $69.00 and set a "buy" rating on the stock in a research report on Tuesday, July 19th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $70.29.

Ovintiv Price Performance

The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.63. The firm's 50 day simple moving average is $49.42 and its 200-day simple moving average is $49.85.

Ovintiv Announces Dividend

Hedge Funds Weigh In On Ovintiv

Several large investors have recently bought and sold shares of OVV. FMR LLC boosted its stake in shares of Ovintiv by 70.1% during the second quarter. FMR LLC now owns 13,928,102 shares of the company's stock worth $615,483,000 after buying an additional 5,739,986 shares during the period. Marshall Wace LLP boosted its stake in shares of Ovintiv by 9,931.2% during the fourth quarter. Marshall Wace LLP now owns 3,939,360 shares of the company's stock worth $132,756,000 after buying an additional 3,900,089 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Ovintiv by 436.0% during the first quarter. Assenagon Asset Management S.A. now owns 4,284,600 shares of the company's stock worth $231,668,000 after buying an additional 3,485,198 shares during the period. Ninepoint Partners LP acquired a new stake in shares of Ovintiv during the second quarter worth about $117,987,000. Finally, Third Point LLC purchased a new position in Ovintiv during the first quarter worth about $121,658,000. Institutional investors and hedge funds own 78.26% of the company's stock.

About Ovintiv

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Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

Further Reading

• Get a free copy of the StockNews.com research report on Ovintiv (OVV)
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