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Ovintiv (OVV) Receives a Buy from Morgan Stanley

Morgan Stanley analyst Devin McDermott maintained a Buy rating on Ovintiv (OVVResearch Report) today and set a price target of $64.00. The company’s shares closed last Tuesday at $45.38.

According to TipRanks.com, McDermott is a 5-star analyst with an average return of 8.4% and a 56.0% success rate. McDermott covers the Utilities sector, focusing on stocks such as Excelerate Energy, Inc. Class A, Continental Resources, and Occidental Petroleum.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ovintiv with a $68.55 average price target, which is a 57.2% upside from current levels. In a report released today, Bank of America Securities also upgraded the stock to Buy with a $60.00 price target.

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Ovintiv’s market cap is currently $11.21B and has a P/E ratio of 13.09.

Based on the recent corporate insider activity of 114 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of OVV in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Ovintiv, Inc. produces and develops multi-basin portfolio of oil, natural gas liquids and natural gas producing plays. The firm operates through the following segments: Canadian Operations, USA Operations and Market Optimization. The Canadian Operations segment includes the exploration for, development of, and production of oil, NGLs, natural gas and other related activities within Canada. The USA Operations segment includes the exploration for, development of, and production of oil, NGLs, natural gas and other related activities within the United States. The Market Optimization segment’s activities are managed by the Midstream, Marketing & Fundamentals team, which is primarily responsible for the sale of the Company’s proprietary production to third party customers. The company was founded in 1881 and is headquartered in Denver, CO.

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