Ovintiv (NYSE:OVV) Rating Increased to Strong-Buy at Truist Financial

Ovintiv (NYSE:OVV) was upgraded by analysts at Truist Financial to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

A number of other brokerages have also recently issued reports on OVV. UBS Group increased their target price on shares of Ovintiv from $61.00 to $69.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $55.00 price objective on shares of Ovintiv in a research note on Thursday, February 19th. TD Cowen raised their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, March 17th. Stephens upgraded shares of Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. Finally, JPMorgan Chase & Co. initiated coverage on Ovintiv in a report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.89.

Ovintiv Stock Performance

Shares of NYSE:OVV opened at $59.00 on Monday. The business’s fifty day moving average price is $48.32 and its two-hundred day moving average price is $42.50. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $59.44. The stock has a market capitalization of $16.72 billion, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 2.93 and a beta of 0.69. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the business earned ($0.23) earnings per share. As a group, analysts predict that Ovintiv will post 5.59 EPS for the current fiscal year.

Insider Transactions at Ovintiv

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $54.78, for a total transaction of $634,461.96. Following the transaction, the executive vice president directly owned 54,092 shares in the company, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Howard John Mayson sold 5,000 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the sale, the director directly owned 45,780 shares in the company, valued at $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently made changes to their positions in OVV. McIlrath & Eck LLC bought a new position in Ovintiv in the third quarter valued at about $31,000. Foster Dykema Cabot & Partners LLC bought a new stake in Ovintiv during the 3rd quarter worth about $36,000. HM Payson & Co. acquired a new position in Ovintiv during the 3rd quarter valued at about $36,000. Quent Capital LLC acquired a new position in Ovintiv during the 3rd quarter valued at about $37,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Ovintiv in the 4th quarter valued at about $38,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

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.