Ovintiv (NYSE:OVV) Research Coverage Started at Truist Financial

Truist Financial initiated coverage on shares of Ovintiv (NYSE:OVV) in a research note issued to investors on Tuesday, MarketBeat.com reports. The brokerage issued a buy rating and a $70.00 price target on the stock.

Several other equities research analysts also recently issued reports on OVV. UBS Group raised their price target on Ovintiv from $61.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Scotiabank upped their price objective on shares of Ovintiv from $58.00 to $65.00 and gave the company a “sector outperform” rating in a report on Thursday, March 19th. Royal Bank Of Canada reissued an “outperform” rating and issued a $55.00 price objective on shares of Ovintiv in a research report on Thursday, February 19th. TD Cowen raised their target price on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. Finally, William Blair started coverage on shares of Ovintiv in a report on Wednesday, November 26th. They set an “outperform” rating and a $50.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and an average price target of $56.89.

Ovintiv Price Performance

Shares of NYSE OVV opened at $61.34 on Tuesday. The business’s 50 day moving average price is $49.14 and its two-hundred day moving average price is $42.76. The company has a market cap of $17.38 billion, a PE ratio of 12.67, a price-to-earnings-growth ratio of 2.49 and a beta of 0.69. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. Ovintiv has a twelve month low of $29.80 and a twelve month high of $61.94.

Ovintiv (NYSE:OVV) last released its quarterly earnings data 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 company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same period last year, the firm posted ($0.23) earnings per share. On average, analysts predict that Ovintiv will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a $0.30 dividend. The ex-dividend date is Friday, March 13th. This represents a $1.20 annualized dividend and a yield of 2.0%. Ovintiv’s payout ratio is 24.79%.

Insiders Place Their Bets

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction 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 completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Howard John Mayson sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the sale, the director directly owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of Ovintiv

Several hedge funds and other institutional investors have recently bought and sold shares of the business. McIlrath & Eck LLC acquired a new position in shares of Ovintiv during the 3rd quarter worth approximately $31,000. HM Payson & Co. acquired a new stake in shares of Ovintiv in the third quarter valued at approximately $36,000. Foster Dykema Cabot & Partners LLC acquired a new stake in shares of Ovintiv in the third quarter valued at approximately $36,000. Quent Capital LLC bought a new stake in shares of Ovintiv in the third quarter valued at approximately $37,000. Finally, Flagship Harbor Advisors LLC bought a new stake in shares of Ovintiv in the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Company Profile

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.