Morgan Stanley Initiates Coverage on Ovintiv (NYSE:OVV)

Analysts at Morgan Stanley began coverage on shares of Ovintiv (NYSE:OVV) in a note issued to investors on Friday. The brokerage set an “equal weight” rating and a $68.00 price target on the stock. Morgan Stanley’s target price would suggest a potential upside of 8.97% from the company’s current price.

A number of other brokerages have also recently weighed in on OVV. Weiss Ratings restated a “hold (c-)” rating on shares of Ovintiv in a research note on Monday, December 29th. Stephens upgraded shares of Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. National Bank Financial increased their price target on shares of Ovintiv from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, February 25th. TD Cowen raised their price target on shares of Ovintiv from $58.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, March 17th. Finally, Mizuho lifted their price objective on shares of Ovintiv from $55.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 17th. One 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.11.

Ovintiv Stock Up 1.9%

OVV stock traded up $1.15 during trading on Friday, hitting $62.41. 213,875 shares of the company’s stock traded hands, compared to its average volume of 5,076,004. The firm has a market capitalization of $17.68 billion, a P/E ratio of 12.85, a PEG ratio of 2.49 and a beta of 0.69. Ovintiv has a 1 year low of $29.80 and a 1 year high of $62.60. 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 business has a fifty day simple moving average of $49.14 and a two-hundred day simple moving average of $42.76.

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

Insider Transactions at Ovintiv

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the completion of the sale, the director owned 45,780 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $54.78, for a total value of $634,461.96. Following the sale, the executive vice president owned 54,092 shares in the company, valued at $2,963,159.76. The trade was a 17.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.70% of the company’s stock.

Institutional Trading of Ovintiv

Several large investors have recently bought and sold shares of OVV. Stifel Financial Corp boosted its holdings in Ovintiv by 1.4% in the fourth quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock valued at $749,000 after purchasing an additional 269 shares during the last quarter. Deseret Mutual Benefit Administrators raised its stake in shares of Ovintiv by 27.6% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after buying an additional 287 shares during the last quarter. Fiduciary Financial Group LLC raised its stake in shares of Ovintiv by 3.2% during the 4th quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock valued at $371,000 after buying an additional 297 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Ovintiv by 2.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,834 shares of the company’s stock valued at $599,000 after buying an additional 340 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its holdings in shares of Ovintiv by 9.6% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,150 shares of the company’s stock valued at $163,000 after buying an additional 362 shares during the period. Hedge funds and other institutional investors 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.