Ovintiv (NYSE:OVV) Raised to Strong-Buy at Truist Financial

Ovintiv (NYSE:OVV) was upgraded by analysts at Truist Financial to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $55.00 price target on shares of Ovintiv in a research report on Thursday, February 19th. Roth Mkm increased their target price on Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, February 24th. JPMorgan Chase & Co. initiated coverage on Ovintiv in a report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 target price on the stock. Stephens raised Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $54.00 price target on shares of Ovintiv in a report on Saturday, January 17th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $56.89.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $59.00 on Monday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The firm has a fifty day simple moving average of $48.32 and a 200-day simple moving average of $42.50. The stock has a market capitalization of $16.72 billion, a price-to-earnings ratio of 12.19, a PEG ratio of 2.93 and a beta of 0.69. Ovintiv has a 1-year low of $29.80 and a 1-year high of $59.44.

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

Insider Activity at Ovintiv

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the sale, the executive vice president owned 54,092 shares of the company’s stock, valued at approximately $2,963,159.76. This trade represents a 17.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Howard John Mayson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the sale, the director owned 45,780 shares in the company, valued at approximately $2,398,414.20. This represents a 9.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors have recently bought and sold shares of OVV. Rockefeller Capital Management L.P. raised its stake in shares of Ovintiv by 203.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 4,352 shares of the company’s stock valued at $171,000 after buying an additional 2,917 shares in the last quarter. Corient Private Wealth LLC increased its stake in Ovintiv by 15.4% in the fourth quarter. Corient Private Wealth LLC now owns 42,363 shares of the company’s stock valued at $1,660,000 after acquiring an additional 5,669 shares during the period. Hsbc Holdings PLC increased its stake in Ovintiv by 37.1% in the fourth quarter. Hsbc Holdings PLC now owns 242,042 shares of the company’s stock valued at $9,479,000 after acquiring an additional 65,445 shares during the period. River Road Asset Management LLC raised its position in Ovintiv by 0.3% in the fourth quarter. River Road Asset Management LLC now owns 295,720 shares of the company’s stock worth $11,589,000 after purchasing an additional 781 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Ovintiv by 13.4% during the fourth quarter. Invesco Ltd. now owns 1,268,835 shares of the company’s stock worth $49,726,000 after purchasing an additional 150,053 shares during the period. 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.