Ovintiv (NYSE:OVV) Upgraded at TD Cowen

Ovintiv (NYSE:OVV) was upgraded by stock analysts at TD Cowen to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Several other research firms also recently weighed in on OVV. Evercore reissued an “outperform” rating and issued a $47.00 target price on shares of Ovintiv in a research report on Thursday, November 6th. Jefferies Financial Group reissued a “buy” rating and set a $54.00 target price on shares of Ovintiv in a research note on Saturday, January 17th. Citigroup reduced their target price on Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Scotiabank raised their target price on Ovintiv from $51.00 to $58.00 and gave the stock a “hold” rating in a research report on Tuesday, January 20th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $55.00 price target on shares of Ovintiv in a report on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.06.

Ovintiv Trading Up 1.1%

Shares of NYSE OVV opened at $47.02 on Monday. 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 has a 12 month low of $29.80 and a 12 month high of $47.31. The company has a market cap of $11.91 billion, a price-to-earnings ratio of 51.67, a P/E/G ratio of 2.61 and a beta of 0.78. The business has a fifty day simple moving average of $40.53 and a 200-day simple moving average of $40.04.

Insider Activity at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $40.33, for a total value of $2,016,500.00. Following the transaction, the chief operating officer owned 105,867 shares in the company, valued at approximately $4,269,616.11. This represents a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.89% of the company’s stock.

Institutional Trading of Ovintiv

A number of institutional investors have recently added to or reduced their stakes in the business. McIlrath & Eck LLC acquired a new stake in shares of Ovintiv in the 3rd quarter valued at $31,000. IFP Advisors Inc increased its position in Ovintiv by 316.7% during the second quarter. IFP Advisors Inc now owns 846 shares of the company’s stock worth $32,000 after buying an additional 643 shares during the last quarter. Foster Dykema Cabot & Partners LLC bought a new position in Ovintiv during the third quarter valued at about $36,000. HM Payson & Co. acquired a new stake in shares of Ovintiv in the third quarter worth about $36,000. Finally, Quent Capital LLC acquired a new stake in shares of Ovintiv in the third quarter worth about $37,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.