Ovintiv (NYSE:OVV) Given New $69.00 Price Target at UBS Group

Ovintiv (NYSE:OVV) had its price target boosted by UBS Group from $61.00 to $69.00 in a research note published on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on the company. Weiss Ratings restated a “hold (c-)” rating on shares of Ovintiv in a report on Monday, December 29th. William Blair started coverage on shares of Ovintiv in a report on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price target on the stock. Evercore reissued an “outperform” rating and set a $47.00 price target on shares of Ovintiv in a report on Thursday, November 6th. Citigroup dropped their target price on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Finally, Zacks Research raised shares of Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.88.

Ovintiv Stock Performance

Shares of NYSE OVV opened at $52.67 on Thursday. The firm has a 50 day moving average of $44.00 and a 200 day moving average of $41.17. The firm has a market capitalization of $14.92 billion, a price-to-earnings ratio of 10.88, a price-to-earnings-growth ratio of 2.80 and a beta of 0.69. Ovintiv has a 12-month low of $29.80 and a 12-month high of $53.21. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the previous year, the company posted ($0.23) EPS. On average, research analysts anticipate that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a $0.30 dividend. The ex-dividend date is Friday, March 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.3%. Ovintiv’s dividend payout ratio (DPR) is 24.79%.

Insider Activity

In other news, COO Gregory Dean Givens sold 50,000 shares of Ovintiv stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $40.33, for a total value of $2,016,500.00. Following the transaction, the chief operating officer directly owned 105,867 shares of the company’s stock, valued at $4,269,616.11. The trade was a 32.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Howard John Mayson sold 5,000 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the completion of the sale, the director owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently modified their holdings of OVV. McIlrath & Eck LLC acquired a new position in Ovintiv during the 3rd quarter valued at approximately $31,000. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Ovintiv in the third quarter valued at $36,000. HM Payson & Co. purchased a new position in Ovintiv during the third quarter valued at approximately $36,000. Quent Capital LLC purchased a new position in Ovintiv in the third quarter valued at about $37,000. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of Ovintiv during the 4th quarter worth $38,000. 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.