Ovintiv (NYSE:OVV) Sets New 1-Year High – Still a Buy?

Ovintiv Inc. (NYSE:OVV)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $53.85 and last traded at $53.64, with a volume of 1691216 shares. The stock had previously closed at $52.25.

Analyst Upgrades and Downgrades

A number of brokerages have commented on OVV. Roth Mkm increased their price objective on shares of Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, February 24th. National Bank Financial boosted their target price on shares of Ovintiv from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th. Weiss Ratings reissued a “hold (c-)” rating on shares of Ovintiv in a report on Monday, December 29th. William Blair initiated coverage on Ovintiv in a research note on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price target on the stock. Finally, JPMorgan Chase & Co. started coverage on Ovintiv in a report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $52.88.

Ovintiv Trading Up 4.0%

The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $15.39 billion, a PE ratio of 11.22, a PEG ratio of 2.83 and a beta of 0.69. The business’s 50-day moving average is $44.29 and its two-hundred day moving average is $41.30.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the company posted ($0.23) earnings per share. On average, analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, March 13th. Ovintiv’s dividend payout ratio (DPR) is currently 24.79%.

Insider Buying and Selling

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief operating officer owned 105,867 shares in the company, valued at approximately $4,269,616.11. The trade was a 32.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the transaction, the director directly owned 45,780 shares in the company, valued at $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of OVV. Wealth Enhancement Advisory Services LLC grew its stake in shares of Ovintiv by 296.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 79,012 shares of the company’s stock valued at $3,134,000 after purchasing an additional 59,069 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new stake in shares of Ovintiv during the third quarter worth $1,816,000. Moody Aldrich Partners LLC grew its position in Ovintiv by 152.1% in the 3rd quarter. Moody Aldrich Partners LLC now owns 140,423 shares of the company’s stock valued at $5,670,000 after buying an additional 84,730 shares during the last quarter. SG Americas Securities LLC increased its stake in Ovintiv by 466.2% in the 3rd quarter. SG Americas Securities LLC now owns 132,552 shares of the company’s stock valued at $5,352,000 after buying an additional 109,142 shares during the period. Finally, Citigroup Inc. raised its position in Ovintiv by 42.1% during the 3rd quarter. Citigroup Inc. now owns 174,090 shares of the company’s stock worth $7,030,000 after buying an additional 51,562 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.