Ovintiv (NYSE:OVV) Price Target Raised to $49.00 at Morgan Stanley

Ovintiv (NYSE:OVV) had its target price boosted by stock analysts at Morgan Stanley from $48.00 to $49.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would indicate a potential downside of 5.64% from the company’s previous close.

Other analysts have also recently issued research reports about the company. Citigroup increased their target price on Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Royal Bank of Canada increased their price target on Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a research note on Thursday, February 29th. National Bankshares dropped their price target on Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, January 10th. JPMorgan Chase & Co. raised Ovintiv from a “neutral” rating to an “overweight” rating and dropped their price target for the company from $61.00 to $58.00 in a research note on Wednesday, December 6th. Finally, The Goldman Sachs Group raised their price objective on Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a research note on Tuesday. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and an average price target of $53.94.

Ovintiv Stock Up 1.1 %

OVV stock traded up $0.57 during midday trading on Thursday, hitting $51.93. The stock had a trading volume of 1,664,391 shares, compared to its average volume of 3,213,714. The firm has a market cap of $13.97 billion, a price-to-earnings ratio of 6.58 and a beta of 2.66. The business has a 50-day moving average of $46.12 and a two-hundred day moving average of $45.64. Ovintiv has a 52-week low of $32.07 and a 52-week high of $52.09. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.41. The business had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. As a group, equities research analysts forecast that Ovintiv will post 5.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Ovintiv news, EVP Renee Ellen Zemljak sold 76,264 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the completion of the sale, the executive vice president now directly owns 23,672 shares in the company, valued at approximately $1,206,325.12. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Howard John Mayson sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the sale, the director now directly owns 36,840 shares in the company, valued at $1,862,630.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total value of $3,886,413.44. Following the completion of the sale, the executive vice president now owns 23,672 shares of the company’s stock, valued at $1,206,325.12. The disclosure for this sale can be found here. In the last three months, insiders sold 91,564 shares of company stock worth $4,660,818. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in OVV. Quent Capital LLC lifted its stake in Ovintiv by 151.3% during the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after purchasing an additional 351 shares in the last quarter. Loomis Sayles & Co. L P lifted its stake in Ovintiv by 107.6% during the third quarter. Loomis Sayles & Co. L P now owns 658 shares of the company’s stock worth $31,000 after purchasing an additional 341 shares in the last quarter. Avalon Trust Co acquired a new position in Ovintiv during the fourth quarter worth $34,000. Penserra Capital Management LLC acquired a new stake in shares of Ovintiv in the third quarter valued at $36,000. Finally, Quantbot Technologies LP purchased a new position in Ovintiv in the third quarter valued at $38,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.