Ovintiv (NYSE:OVV) Now Covered by Morgan Stanley

Analysts at Morgan Stanley started coverage on shares of Ovintiv (NYSE:OVV) in a research note issued to investors on Friday. The brokerage set an “equal weight” rating and a $68.00 price target on the stock. Morgan Stanley’s target price suggests a potential upside of 8.97% from the company’s current price.

A number of other research analysts have also recently weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. National Bank Financial raised their target price on Ovintiv from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, February 25th. Scotiabank upped their price target on Ovintiv from $58.00 to $65.00 and gave the stock a “sector outperform” rating in a report on Thursday, March 19th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ovintiv in a research report on Monday, December 29th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $55.00 price objective on shares of Ovintiv in a report on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.11.

Ovintiv Stock Performance

Shares of NYSE OVV traded up $1.15 during midday trading on Friday, reaching $62.41. 213,875 shares of the stock were exchanged, compared to its average volume of 5,076,004. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The firm has a market cap of $17.68 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 2.49 and a beta of 0.69. The firm has a 50-day simple moving average of $49.14 and a two-hundred day simple moving average of $42.76. Ovintiv has a twelve month low of $29.80 and a twelve month high of $62.60.

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

Insider Activity

In other news, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the transaction, the director directly owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the transaction, the executive vice president owned 54,092 shares in the company, valued at $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Stifel Financial Corp grew its position in shares of Ovintiv by 1.4% in the fourth quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock valued at $749,000 after purchasing an additional 269 shares in the last quarter. Deseret Mutual Benefit Administrators lifted its position in Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after buying an additional 287 shares in the last quarter. Fiduciary Financial Group LLC lifted its position in Ovintiv by 3.2% during the fourth quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock worth $371,000 after buying an additional 297 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Ovintiv by 2.3% during the third quarter. PNC Financial Services Group Inc. now owns 14,834 shares of the company’s stock worth $599,000 after buying an additional 340 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its stake in Ovintiv by 9.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,150 shares of the company’s stock worth $163,000 after buying an additional 362 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.