Ovintiv (NYSE:OVV) Earns “Outperform” Rating from Royal Bank Of Canada

Ovintiv (NYSE:OVV)‘s stock had its “outperform” rating reiterated by investment analysts at Royal Bank Of Canada in a research report issued to clients and investors on Thursday,MarketScreener reports. They presently have a $55.00 price objective on the stock. Royal Bank Of Canada’s price target would suggest a potential upside of 26.70% from the company’s current price.

OVV has been the topic of a number of other research reports. Morgan Stanley dropped their target price on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 14th. Jefferies Financial Group restated a “buy” rating and issued a $54.00 price target on shares of Ovintiv in a report on Saturday, January 17th. UBS Group reaffirmed a “buy” rating on shares of Ovintiv in a report on Thursday, January 22nd. William Blair began coverage on Ovintiv in a research report on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price objective on the stock. Finally, Wells Fargo & Company boosted their price target on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, November 18th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $51.82.

Ovintiv Stock Performance

Shares of OVV traded down $0.06 during midday trading on Thursday, reaching $43.41. 4,544,446 shares of the stock were exchanged, compared to its average volume of 3,941,265. The business’s 50-day moving average price is $39.95 and its 200 day moving average price is $39.81. The company has a market capitalization of $10.99 billion, a price-to-earnings ratio of 47.70, a PEG ratio of 2.56 and a beta of 0.76. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.45 and a quick ratio of 0.45. Ovintiv has a twelve month low of $29.80 and a twelve month high of $45.96.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.06. The business had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $1.86 billion. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%. On average, sell-side analysts expect that Ovintiv will post 5.59 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the completion of the sale, the chief operating officer directly owned 105,867 shares in the company, valued at $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently made changes to their positions in the business. McIlrath & Eck LLC acquired a new stake in shares of Ovintiv during the 3rd quarter worth approximately $31,000. IFP Advisors Inc increased its position in shares of Ovintiv by 316.7% during the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock valued at $32,000 after purchasing an additional 643 shares during the period. Foster Dykema Cabot & Partners LLC bought a new position in shares of Ovintiv during the 3rd quarter valued at about $36,000. HM Payson & Co. bought a new stake in shares of Ovintiv during the 3rd quarter worth $36,000. Finally, Quent Capital LLC purchased a new stake in Ovintiv during the third quarter valued at about $37,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

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.