National Bankshares Forecasts Strong Price Appreciation for Ovintiv (NYSE:OVV) Stock

Ovintiv (NYSE:OVV) had its price objective increased by analysts at National Bankshares from $54.00 to $56.00 in a report issued on Tuesday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. National Bankshares’ price target would suggest a potential upside of 27.08% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. UBS Group restated a “buy” rating on shares of Ovintiv in a research note on Thursday, January 22nd. Scotiabank increased their price target on shares of Ovintiv from $51.00 to $58.00 and gave the stock a “hold” rating in a research report on Tuesday, January 20th. Morgan Stanley cut their price objective on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 14th. Roth Mkm started coverage on Ovintiv in a report on Monday, October 13th. They issued a “neutral” rating and a $42.00 target price on the stock. Finally, William Blair began coverage on Ovintiv in a research report on Wednesday, November 26th. They set an “outperform” rating and a $50.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.06.

Ovintiv Stock Up 3.7%

Shares of NYSE:OVV traded up $1.59 during trading on Tuesday, hitting $44.07. The stock had a trading volume of 5,549,312 shares, compared to its average volume of 4,308,028. The company has a market capitalization of $11.16 billion, a PE ratio of 48.30, a PEG ratio of 2.43 and a beta of 0.78. The firm’s fifty day moving average is $40.00 and its 200 day moving average is $39.82. Ovintiv has a 12 month low of $29.80 and a 12 month high of $45.96. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. Ovintiv had a net margin of 2.64% and a return on equity of 12.22%. The firm had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Analysts anticipate that Ovintiv will post 5.59 EPS for the current fiscal year.

Insider Transactions at Ovintiv

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of Ovintiv stock in a transaction on Friday, December 12th. The shares were sold at an average price of $40.33, for a total value of $2,016,500.00. Following the completion of the transaction, the chief operating officer directly owned 105,867 shares of the company’s stock, valued at $4,269,616.11. This trade represents a 32.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ovintiv

Hedge funds have recently bought and sold shares of the business. McIlrath & Eck LLC purchased a new position in Ovintiv in the 3rd quarter worth about $31,000. IFP Advisors Inc boosted its holdings in shares of Ovintiv by 316.7% in the second 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 Ovintiv in the third quarter worth approximately $36,000. HM Payson & Co. purchased a new position in Ovintiv during the 3rd quarter worth $36,000. Finally, Quent Capital LLC bought a new stake in Ovintiv during the 3rd quarter valued at $37,000. 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.