Ovintiv (NYSE:OVV) PT Set at $70.00 by Royal Bank Of Canada

Ovintiv (NYSE:OVV) received a $70.00 price objective from investment analysts at Royal Bank Of Canada in a research note issued to investors on Tuesday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target points to a potential upside of 24.79% from the company’s current price.

OVV has been the topic of a number of other research reports. Citigroup reaffirmed a “neutral” rating and set a $62.00 target price (up from $52.00) on shares of Ovintiv in a research note on Monday, March 30th. JPMorgan Chase & Co. began coverage on shares of Ovintiv in a research note on Wednesday, February 25th. They set an “overweight” rating and a $58.00 target price on the stock. The Goldman Sachs Group boosted their target price on shares of Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, March 11th. Roth Mkm boosted their target price on shares of Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 24th. Finally, Bank of America boosted their target price on shares of Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and an average price target of $63.00.

Ovintiv Price Performance

OVV traded down $1.82 during trading on Tuesday, hitting $56.10. 1,499,288 shares of the stock traded hands, compared to its average volume of 4,434,018. Ovintiv has a twelve month low of $35.47 and a twelve month high of $63.46. The company has a market cap of $15.76 billion, a price-to-earnings ratio of 18.06 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The business has a 50 day moving average price of $57.98 and a 200 day moving average price of $49.40.

Ovintiv (NYSE:OVV) last posted its earnings results on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.15. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. Equities research analysts forecast that Ovintiv will post 8.15 earnings per share for the current fiscal year.

Insider Activity at Ovintiv

In related news, 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 directly owned 54,092 shares of the company’s stock, valued at $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.85% of the stock is currently owned by corporate insiders.

Institutional Trading of Ovintiv

A number of institutional investors have recently bought and sold shares of OVV. Integrated Wealth Concepts LLC boosted its position in Ovintiv by 70.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after acquiring an additional 3,788 shares during the last quarter. Great Lakes Advisors LLC bought a new stake in Ovintiv during the first quarter valued at $202,000. Focus Partners Wealth boosted its position in Ovintiv by 49.3% during the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after acquiring an additional 6,364 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in Ovintiv by 47.5% during the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after acquiring an additional 589 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Ovintiv by 103.2% during the second quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock valued at $126,000 after acquiring an additional 1,675 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

About Ovintiv

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.