Ovintiv (NYSE:OVV) PT Set at $70.00 by Royal Bank Of Canada

Ovintiv (NYSE:OVV) has been given a $70.00 price objective by equities research analysts at Royal Bank Of Canada in a research note issued to investors on Tuesday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price points to a potential upside of 24.79% from the stock’s current price.

OVV has been the subject of several other reports. Zacks Research upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Wall Street Zen upgraded shares of Ovintiv from a “hold” rating to a “buy” rating in a research report on Saturday. Weiss Ratings downgraded shares of Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a research report on Tuesday, May 12th. Bank of America raised their price objective on shares of Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Finally, Wells Fargo & Company raised their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $63.00.

Ovintiv Stock Performance

Ovintiv stock traded down $1.82 during midday trading on Tuesday, reaching $56.10. 1,499,288 shares of the company’s stock were exchanged, compared to its average volume of 4,434,018. Ovintiv has a 52 week low of $35.47 and a 52 week high of $63.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a market cap of $15.76 billion, a price-to-earnings ratio of 18.06 and a beta of 0.53. The stock’s 50-day simple moving average is $57.98 and its 200 day simple moving average is $49.40.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Monday, May 11th. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.15. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%.The business had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.38 billion. On average, analysts expect that Ovintiv will post 8.15 earnings per share for the current fiscal year.

Insider Buying and Selling 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 shares were sold at an average price of $54.78, for a total value of $634,461.96. Following the completion of the sale, the executive vice president directly owned 54,092 shares in the company, valued at approximately $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC raised its position in Ovintiv by 34,635.4% during the first quarter. NewEdge Advisors LLC now owns 61,829 shares of the company’s stock valued at $3,670,000 after purchasing an additional 61,651 shares in the last quarter. Carlson Capital L.P. raised its position in Ovintiv by 60.3% during the first quarter. Carlson Capital L.P. now owns 34,306 shares of the company’s stock valued at $2,036,000 after purchasing an additional 12,906 shares in the last quarter. Bank of America Corp DE raised its position in Ovintiv by 52.4% during the first quarter. Bank of America Corp DE now owns 1,233,202 shares of the company’s stock valued at $73,203,000 after purchasing an additional 424,125 shares in the last quarter. Edgestream Partners L.P. acquired a new position in Ovintiv during the first quarter valued at approximately $4,107,000. Finally, Janus Henderson Group PLC raised its position in Ovintiv by 9.2% during the first quarter. Janus Henderson Group PLC now owns 124,783 shares of the company’s stock valued at $7,409,000 after purchasing an additional 10,500 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.