Ovintiv (NYSE:OVV) Receives “Buy” Rating from Truist Financial

Ovintiv (NYSE:OVV)‘s stock had its “buy” rating reissued by stock analysts at Truist Financial in a research note issued on Monday,Benzinga reports. They currently have a $73.00 target price on the stock, up from their previous target price of $66.00. Truist Financial’s target price suggests a potential upside of 16.24% from the stock’s current price.

Several other equities analysts have also issued reports on the stock. Citigroup decreased their price target on shares of Ovintiv from $70.00 to $66.00 and set a “buy” rating for the company in a report on Friday, July 17th. Weiss Ratings downgraded Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a report on Tuesday, May 12th. Scotiabank raised Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. Barclays raised their price target on Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Finally, Bank of America boosted their price objective on Ovintiv from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.84.

Ovintiv Trading Down 0.5%

Shares of NYSE:OVV traded down $0.33 during mid-day trading on Monday, reaching $62.80. The stock had a trading volume of 325,341 shares, compared to its average volume of 4,195,202. The firm has a 50 day simple moving average of $56.37 and a two-hundred day simple moving average of $53.20. Ovintiv has a twelve month low of $35.47 and a twelve month high of $64.61. The firm has a market cap of $17.30 billion, a PE ratio of 17.74 and a beta of 0.53. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. On average, research analysts predict that Ovintiv will post 7.08 EPS for the current fiscal year.

Institutional Trading of Ovintiv

A number of hedge funds and other institutional investors have recently made changes to their positions in OVV. AQR Capital Management LLC boosted its position in Ovintiv by 263.8% during the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after purchasing an additional 3,589,030 shares during the last quarter. Millennium Management LLC grew its stake in Ovintiv by 116.3% in the fourth 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. Dimensional Fund Advisors LP increased its position in shares of Ovintiv by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after purchasing an additional 1,669,469 shares during the last quarter. Goldentree Asset Management LP acquired a new position in shares of Ovintiv during the 4th quarter worth approximately $61,528,000. Finally, Freestone Grove Partners LP raised its stake in shares of Ovintiv by 79.9% during the 4th quarter. Freestone Grove Partners LP now owns 3,074,925 shares of the company’s stock worth $120,506,000 after purchasing an additional 1,365,535 shares in 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.