Ovintiv (NYSE:OVV) Price Target Raised to $68.00 at Bank of America

Ovintiv (NYSE:OVV) had its price objective boosted by investment analysts at Bank of America from $63.00 to $68.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price target points to a potential upside of 18.49% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. National Bank Financial boosted their price objective on shares of Ovintiv from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, February 25th. Scotiabank lifted their price target on shares of Ovintiv from $58.00 to $65.00 and gave the stock a “sector outperform” rating in a research note on Thursday, March 19th. Royal Bank Of Canada reissued an “outperform” rating and issued a $55.00 price objective on shares of Ovintiv in a research report on Thursday, February 19th. Citigroup reissued a “neutral” rating and issued a $62.00 price objective (up from $52.00) on shares of Ovintiv in a research note on Monday. Finally, TD Cowen boosted their target price on Ovintiv from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.16.

Ovintiv Trading Down 3.3%

OVV opened at $57.39 on Thursday. The stock has a 50-day moving average of $50.74 and a 200 day moving average of $43.26. 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 has a 12 month low of $29.80 and a 12 month high of $62.60. The firm has a market cap of $16.26 billion, a P/E ratio of 11.86, a P/E/G ratio of 2.13 and a beta of 0.69.

Ovintiv (NYSE:OVV) last released its earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating 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 firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the previous year, the company posted ($0.23) EPS. As a group, research analysts forecast that Ovintiv will post 5.59 EPS for the current year.

Insider Activity at Ovintiv

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $261,950.00. Following the sale, the director directly 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC raised its holdings in shares of Ovintiv by 263.8% in the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after acquiring an additional 3,589,030 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after purchasing an additional 3,060,691 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in shares of Ovintiv by 143.8% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock valued at $142,278,000 after purchasing an additional 2,205,233 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Ovintiv by 25.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock worth $379,165,000 after purchasing an additional 1,927,193 shares during the period. Finally, Goldentree Asset Management LP bought a new position in shares of Ovintiv during the fourth quarter valued at approximately $61,528,000. 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.