Texas Capital Upgrades Ovintiv (NYSE:OVV) to Strong-Buy

Ovintiv (NYSE:OVV) was upgraded by investment analysts at Texas Capital to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

OVV has been the subject of a number of other research reports. TD Cowen upped their price objective on Ovintiv from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. Scotiabank raised Ovintiv from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 20th. Barclays lifted their target price on Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. The Goldman Sachs Group boosted their price target on Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. Finally, Roth Mkm upped their price target on Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $64.47.

Ovintiv Price Performance

NYSE OVV opened at $53.08 on Thursday. The business’s fifty day moving average is $56.99 and its 200 day moving average is $50.71. Ovintiv has a fifty-two week low of $35.47 and a fifty-two week high of $63.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. The company has a market capitalization of $14.92 billion, a PE ratio of 17.12 and a beta of 0.53.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Monday, May 11th. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.15. The business had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. Sell-side analysts predict that Ovintiv will post 8.07 earnings per share for the current year.

Hedge Funds Weigh In On Ovintiv

Institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in shares of Ovintiv by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after acquiring an additional 1,669,469 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Ovintiv by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock valued at $387,601,000 after purchasing an additional 203,256 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Ovintiv by 16.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock valued at $467,874,000 after purchasing an additional 1,137,162 shares in the last quarter. Millennium Management LLC increased its position in Ovintiv by 116.3% in the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in Ovintiv by 13.5% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock worth $214,060,000 after purchasing an additional 650,000 shares during the last quarter. Hedge funds and other 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.