Ovintiv (NYSE:OVV) Raised to “Strong-Buy” at TD Cowen

Ovintiv (NYSE:OVV) was upgraded by research analysts at TD Cowen to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the company. Wells Fargo & Company increased their price objective on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 18th. William Blair started coverage on shares of Ovintiv in a research note on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 target price on the stock. Stephens upgraded Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $55.00 target price on shares of Ovintiv in a research note on Thursday, January 29th. Finally, UBS Group reaffirmed a “buy” rating on shares of Ovintiv in a report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and an average target price of $51.06.

Ovintiv Stock Up 1.1%

OVV stock opened at $47.02 on Monday. The stock has a market capitalization of $11.91 billion, a price-to-earnings ratio of 51.67, a price-to-earnings-growth ratio of 2.61 and a beta of 0.78. The company has a 50-day moving average of $40.53 and a two-hundred day moving average of $40.04. Ovintiv has a 52-week low of $29.80 and a 52-week high of $47.31. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.45 and a quick ratio of 0.45.

Insiders Place Their Bets

In related news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $40.33, for a total value of $2,016,500.00. Following the completion of the transaction, the chief operating officer owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently modified their holdings of the company. Burney Co. increased its holdings in shares of Ovintiv by 690.5% during the second quarter. Burney Co. now owns 67,091 shares of the company’s stock worth $2,553,000 after buying an additional 58,604 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Ovintiv by 296.2% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 79,012 shares of the company’s stock worth $3,134,000 after acquiring an additional 59,069 shares during the last quarter. Moody Aldrich Partners LLC increased its holdings in Ovintiv by 152.1% in the 3rd quarter. Moody Aldrich Partners LLC now owns 140,423 shares of the company’s stock worth $5,670,000 after purchasing an additional 84,730 shares in the last quarter. SG Americas Securities LLC increased its holdings in Ovintiv by 466.2% in the 3rd quarter. SG Americas Securities LLC now owns 132,552 shares of the company’s stock worth $5,352,000 after purchasing an additional 109,142 shares in the last quarter. Finally, Oak Thistle LLC bought a new stake in shares of Ovintiv during the third quarter worth about $3,534,000. 83.81% of the stock is owned by institutional investors.

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.