Ovintiv (NYSE:OVV) Price Target Cut to $70.00 by Analysts at Truist Financial

Ovintiv (NYSE:OVV) had its target price cut by Truist Financial from $72.00 to $70.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 21.90% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. Roth Mkm lifted their price objective on Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Scotiabank lifted their price objective on Ovintiv from $65.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Tuesday. Barclays lifted their price objective on Ovintiv from $62.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday. Stephens raised Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. Finally, JPMorgan Chase & Co. initiated coverage on Ovintiv in a report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 target price for the company. Fifteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and an average target price of $62.05.

Ovintiv Stock Performance

OVV traded down $0.67 during trading hours on Wednesday, hitting $57.43. The stock had a trading volume of 945,024 shares, compared to its average volume of 4,671,966. The company’s fifty day simple moving average is $56.85 and its 200 day simple moving average is $46.68. Ovintiv has a 1 year low of $34.88 and a 1 year high of $63.46. The stock has a market cap of $16.27 billion, a PE ratio of 18.52, a price-to-earnings-growth ratio of 1.66 and a beta of 0.57. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.15. Ovintiv had a return on equity of 13.43% and a net margin of 8.51%.The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. Equities analysts anticipate that Ovintiv will post 7.59 earnings per share for the current year.

Insider Activity

In other news, Director Howard John Mayson sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the transaction, the director owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $634,461.96. Following the transaction, the executive vice president directly owned 54,092 shares of the company’s stock, valued at $2,963,159.76. The trade was a 17.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. PNC Financial Services Group Inc. lifted its position in Ovintiv by 13.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 17,414 shares of the company’s stock worth $1,034,000 after buying an additional 2,027 shares during the last quarter. Amova Asset Management Americas Inc. bought a new stake in Ovintiv in the 1st quarter worth approximately $1,710,000. Meeder Advisory Services Inc. bought a new stake in Ovintiv in the 1st quarter worth approximately $444,000. KBC Group NV lifted its position in Ovintiv by 82.6% in the 1st quarter. KBC Group NV now owns 168,150 shares of the company’s stock worth $9,981,000 after buying an additional 76,043 shares during the last quarter. Finally, Swiss National Bank lifted its position in Ovintiv by 10.7% in the 1st quarter. Swiss National Bank now owns 560,900 shares of the company’s stock worth $33,295,000 after buying an additional 54,100 shares during the last quarter. Hedge funds and other institutional investors 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.