Ovintiv (NYSE:OVV) Posts Earnings Results

Ovintiv (NYSE:OVV) announced its earnings results on Monday. The company reported $999.00 EPS for the quarter, topping the consensus estimate of $0.94 by $998.06, Zacks reports. Ovintiv had a net margin of 2.64% and a return on equity of 12.22%.

Ovintiv Stock Performance

Shares of NYSE OVV traded up $0.27 during midday trading on Monday, reaching $50.85. The company’s stock had a trading volume of 5,427,243 shares, compared to its average volume of 4,893,573. The firm has a 50 day moving average price of $41.67 and a 200-day moving average price of $40.47. 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 12-month low of $29.80 and a 12-month high of $51.23. The stock has a market capitalization of $12.88 billion, a P/E ratio of 55.88, a PEG ratio of 2.84 and a beta of 0.78.

Insider Activity at Ovintiv

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction on 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 sale, the chief operating officer owned 105,867 shares in the company, valued at $4,269,616.11. This represents a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. grew its position in shares of Ovintiv by 13.4% in the 4th quarter. Invesco Ltd. now owns 1,268,835 shares of the company’s stock worth $49,726,000 after buying an additional 150,053 shares during the last quarter. Vident Advisory LLC boosted its holdings in Ovintiv by 30.4% in the fourth quarter. Vident Advisory LLC now owns 40,249 shares of the company’s stock worth $1,577,000 after purchasing an additional 9,385 shares during the last quarter. EP Wealth Advisors LLC bought a new stake in shares of Ovintiv during the 4th quarter valued at $524,000. Mackenzie Financial Corp raised its holdings in Ovintiv by 54.4% during the fourth quarter. Mackenzie Financial Corp now owns 1,879,445 shares of the company’s stock valued at $74,201,000 after acquiring an additional 662,495 shares during the period. Finally, Empowered Funds LLC raised its stake in Ovintiv by 21.7% during the 4th quarter. Empowered Funds LLC now owns 88,762 shares of the company’s stock valued at $3,479,000 after purchasing an additional 15,824 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

OVV has been the subject of several recent analyst reports. Scotiabank upgraded Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. UBS Group increased their target price on shares of Ovintiv from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, February 18th. Jefferies Financial Group restated a “buy” rating and issued a $54.00 target price on shares of Ovintiv in a research report on Saturday, January 17th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $55.00 target price on shares of Ovintiv in a research note on Thursday. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ovintiv in a report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average target price of $51.22.

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.