Ovintiv (NYSE:OVV) Reaches New 1-Year High – Should You Buy?

Ovintiv Inc. (NYSE:OVV)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $48.76 and last traded at $48.3180, with a volume of 1523055 shares trading hands. The stock had previously closed at $46.08.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on OVV. Zacks Research cut Ovintiv from a “hold” rating to a “strong sell” rating in a research note on Monday, February 2nd. Royal Bank Of Canada reissued an “outperform” rating and set a $55.00 price target on shares of Ovintiv in a report on Thursday, January 29th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $54.00 price objective on shares of Ovintiv in a research note on Saturday, January 17th. Citigroup decreased their target price on Ovintiv from $54.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Finally, Scotiabank raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and an average target price of $51.22.

Ovintiv Stock Down 0.2%

The firm has a 50-day simple moving average of $41.67 and a 200 day simple moving average of $40.46. The stock has a market capitalization of $12.80 billion, a P/E ratio of 55.54, a P/E/G ratio of 2.85 and a beta of 0.78. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.45 and a quick ratio of 0.45.

Insider Transactions at Ovintiv

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the sale, the chief operating officer directly owned 105,867 shares of the company’s stock, valued at $4,269,616.11. The trade was a 32.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.70% of the stock is currently owned by company insiders.

Institutional Trading of Ovintiv

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. McIlrath & Eck LLC bought a new position in Ovintiv during the third quarter worth $31,000. IFP Advisors Inc raised its holdings in shares of Ovintiv by 316.7% during the second quarter. IFP Advisors Inc now owns 846 shares of the company’s stock valued at $32,000 after purchasing an additional 643 shares during the period. HM Payson & Co. bought a new position in shares of Ovintiv during the 3rd quarter worth about $36,000. Foster Dykema Cabot & Partners LLC acquired a new stake in shares of Ovintiv in the 3rd quarter valued at about $36,000. Finally, Quent Capital LLC acquired a new stake in shares of Ovintiv in the 3rd quarter valued at about $37,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.