Brokerages Set Ovintiv Inc. (NYSE:OVV) Target Price at $58.11

Ovintiv Inc. (NYSE:OVV) has been given an average rating of “Moderate Buy” by the twenty research firms that are presently covering the firm, MarketBeat reports. Seven investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $58.6667.

A number of analysts have commented on the company. Wells Fargo & Company boosted their target price on Ovintiv from $42.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 19th. TD Cowen raised their price target on Ovintiv from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, March 17th. Truist Financial assumed coverage on Ovintiv in a research note on Tuesday, March 24th. They set a “buy” rating and a $70.00 price target for the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ovintiv in a research report on Monday, December 29th. Finally, Stephens raised shares of Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd.

Insider Buying and Selling

In other news, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $2,398,414.20. This trade represents a 9.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $54.78, for a total value of $634,461.96. Following the transaction, the executive vice president owned 54,092 shares of the company’s stock, valued at $2,963,159.76. This represents a 17.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.89% of the company’s stock.

Institutional Trading of Ovintiv

Several institutional investors and hedge funds have recently made changes to their positions in the stock. McIlrath & Eck LLC acquired a new stake in shares of Ovintiv during the third quarter valued at $31,000. Foster Dykema Cabot & Partners LLC acquired a new position in Ovintiv in the 3rd quarter valued at about $36,000. HM Payson & Co. acquired a new position in Ovintiv in the 3rd quarter valued at about $36,000. Quent Capital LLC purchased a new position in Ovintiv in the 3rd quarter valued at about $37,000. Finally, Flagship Harbor Advisors LLC purchased a new position in Ovintiv in the 4th quarter valued at about $38,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

OVV opened at $59.36 on Friday. The stock has a market cap of $16.82 billion, a P/E ratio of 12.27, a P/E/G ratio of 2.18 and a beta of 0.69. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The stock’s 50 day simple moving average is $50.41 and its 200 day simple moving average is $43.16. Ovintiv has a 1-year low of $29.80 and a 1-year high of $62.60.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.41. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same quarter in the prior year, the firm posted ($0.23) EPS. As a group, equities analysts anticipate that Ovintiv will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, March 13th. Ovintiv’s dividend payout ratio is 24.79%.

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.