Ovintiv (NYSE:OVV) Stock Rating Upgraded by Stephens

Ovintiv (NYSE:OVV) was upgraded by analysts at Stephens to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other analysts have also issued reports about the company. National Bankshares raised their target price on Ovintiv from $54.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $55.00 price objective on shares of Ovintiv in a research note on Thursday, January 29th. Evercore ISI reiterated an “outperform” rating and issued a $47.00 target price on shares of Ovintiv in a research note on Thursday, November 6th. Barclays lowered their price target on shares of Ovintiv from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. Finally, Zacks Research upgraded shares of Ovintiv from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.06.

Ovintiv Trading Up 3.8%

Shares of Ovintiv stock opened at $44.08 on Tuesday. The stock has a market cap of $11.16 billion, a PE ratio of 48.44, a price-to-earnings-growth ratio of 2.38 and a beta of 0.78. The firm has a fifty day moving average price of $40.11 and a 200 day moving average price of $39.85. Ovintiv has a 1 year low of $29.80 and a 1 year high of $45.96. 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 (NYSE:OVV) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.97 by $0.06. The company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $1.86 billion. Ovintiv had a net margin of 2.64% and a return on equity of 12.22%. Equities research analysts predict that Ovintiv will post 5.59 earnings per share for the current year.

Insider Buying and Selling at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief operating officer directly owned 105,867 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. 0.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ovintiv

Hedge funds have recently made changes to their positions in the company. Denali Advisors LLC boosted its stake in shares of Ovintiv by 122.6% in the fourth quarter. Denali Advisors LLC now owns 24,441 shares of the company’s stock worth $958,000 after acquiring an additional 13,462 shares during the last quarter. Ethic Inc. raised its stake in Ovintiv by 12.8% in the 4th quarter. Ethic Inc. now owns 18,649 shares of the company’s stock valued at $731,000 after purchasing an additional 2,109 shares during the last quarter. Carlson Capital L.P. purchased a new position in Ovintiv in the 4th quarter valued at $839,000. International Assets Investment Management LLC acquired a new stake in Ovintiv during the 4th quarter worth $104,000. Finally, BOKF NA grew its holdings in shares of Ovintiv by 1.4% during the fourth quarter. BOKF NA now owns 37,885 shares of the company’s stock worth $1,485,000 after buying an additional 532 shares in the last quarter. Institutional investors and hedge funds 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.