Ovintiv (NYSE:OVV) Reaches New 52-Week High – Here’s Why

Shares of Ovintiv Inc. (NYSE:OVV) hit a new 52-week high during trading on Monday . The company traded as high as $62.71 and last traded at $62.64, with a volume of 1837963 shares trading hands. The stock had previously closed at $60.85.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Barclays lifted their target price on Ovintiv from $58.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, March 16th. Wells Fargo & Company set a $55.00 target price on Ovintiv in a research note on Monday, April 20th. Stephens upgraded Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. The Goldman Sachs Group boosted their price objective on Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Finally, Scotiabank boosted their price objective on Ovintiv from $58.00 to $65.00 and gave the stock a “sector outperform” rating in a research report on Thursday, March 19th. Fifteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $60.42.

Ovintiv Stock Performance

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 company has a 50-day moving average price of $55.74 and a 200-day moving average price of $45.71. The firm has a market capitalization of $17.83 billion, a price-to-earnings ratio of 13.00, a P/E/G ratio of 2.02 and a beta of 0.57.

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, topping the consensus estimate of $0.98 by $0.41. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same period in the previous year, the firm posted ($0.23) earnings per share. As a group, equities research analysts forecast that Ovintiv Inc. will post 6.42 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, March 13th. Ovintiv’s dividend payout ratio is 24.79%.

Insider Buying and Selling

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the completion of the sale, the director directly owned 45,780 shares in the company, valued at $2,398,414.20. This represents a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $54.78, for a total value of $634,461.96. Following the completion of the sale, the executive vice president owned 54,092 shares of the company’s stock, valued at $2,963,159.76. This trade represents a 17.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Institutional investors have recently added to or reduced their stakes in the company. Citigroup Inc. lifted its position in Ovintiv by 42.1% in the third quarter. Citigroup Inc. now owns 174,090 shares of the company’s stock worth $7,030,000 after purchasing an additional 51,562 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Ovintiv by 296.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 79,012 shares of the company’s stock worth $3,134,000 after purchasing an additional 59,069 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in Ovintiv in the third quarter worth approximately $1,816,000. Savant Capital LLC lifted its position in Ovintiv by 412.9% in the third quarter. Savant Capital LLC now owns 36,771 shares of the company’s stock worth $1,485,000 after purchasing an additional 29,602 shares during the period. Finally, SG Americas Securities LLC lifted its position in shares of Ovintiv by 466.2% during the 3rd quarter. SG Americas Securities LLC now owns 132,552 shares of the company’s stock valued at $5,352,000 after acquiring an additional 109,142 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.