Ovintiv (NYSE:OVV) Price Target Raised to $62.00

Ovintiv (NYSE:OVV) had its price objective hoisted by The Goldman Sachs Group from $49.00 to $62.00 in a research report released on Wednesday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Ovintiv in a report on Monday, December 29th. Wells Fargo & Company lifted their price target on Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 18th. UBS Group boosted their price target on Ovintiv from $61.00 to $69.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Scotiabank raised Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Finally, Citigroup decreased their price objective on Ovintiv from $54.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.53.

Ovintiv Stock Up 0.8%

OVV stock opened at $55.40 on Wednesday. Ovintiv has a 52 week low of $29.80 and a 52 week high of $55.85. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The firm has a 50-day simple moving average of $45.78 and a 200-day simple moving average of $41.77. The stock has a market capitalization of $15.70 billion, a P/E ratio of 11.45, a P/E/G ratio of 2.99 and a beta of 0.69.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period last year, the company posted ($0.23) EPS. Equities analysts forecast that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, March 13th. Ovintiv’s payout ratio is currently 24.79%.

Insider Activity

In related news, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the transaction, the director owned 45,780 shares in the company, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.70% of the stock is owned by company insiders.

Institutional Trading of Ovintiv

Large investors have recently added to or reduced their stakes in the stock. McIlrath & Eck LLC acquired a new stake in shares of Ovintiv in the 3rd quarter worth $31,000. HM Payson & Co. acquired a new position in shares of Ovintiv during the 3rd quarter valued at about $36,000. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Ovintiv during the 3rd quarter valued at about $36,000. Quent Capital LLC purchased a new stake in shares of Ovintiv in the third quarter valued at about $37,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in Ovintiv during the fourth quarter worth about $38,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

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.