Ovintiv (NYSE:OVV) Earns “Buy” Rating from Truist Financial

Ovintiv (NYSE:OVV)‘s stock had its “buy” rating reissued by equities researchers at Truist Financial in a note issued to investors on Monday,Benzinga reports. They presently have a $73.00 target price on the stock, up from their prior target price of $66.00. Truist Financial’s price target would indicate a potential upside of 16.24% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the stock. UBS Group lowered their price objective on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating for the company in a research report on Thursday, April 9th. Wells Fargo & Company upgraded shares of Ovintiv from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $57.00 to $80.00 in a research report on Monday, June 22nd. Mizuho increased their price target on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Weiss Ratings lowered shares of Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a report on Tuesday, May 12th. Finally, Texas Capital upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $66.84.

Ovintiv Price Performance

Shares of OVV stock traded down $0.33 during trading hours on Monday, hitting $62.80. 325,341 shares of the company’s stock were exchanged, compared to its average volume of 4,195,202. Ovintiv has a 52 week low of $35.47 and a 52 week high of $64.61. The stock has a market cap of $17.30 billion, a price-to-earnings ratio of 17.74 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The stock’s 50-day moving average is $56.37 and its 200-day moving average is $53.20.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. As a group, research analysts forecast that Ovintiv will post 7.08 EPS for the current year.

Hedge Funds Weigh In On Ovintiv

Large investors have recently bought and sold shares of the business. Stifel Financial Corp raised its position in shares of Ovintiv by 1.4% during the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock valued at $749,000 after acquiring an additional 269 shares during the last quarter. CX Institutional boosted its position in shares of Ovintiv by 1.0% in the 2nd quarter. CX Institutional now owns 28,363 shares of the company’s stock worth $1,493,000 after purchasing an additional 276 shares during the last quarter. Root Financial Partners LLC boosted its position in shares of Ovintiv by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after purchasing an additional 277 shares during the last quarter. Deseret Mutual Benefit Administrators grew its stake in shares of Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after purchasing an additional 287 shares during the period. Finally, Sanctuary Advisors LLC grew its stake in shares of Ovintiv by 2.6% during the first quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company’s stock worth $773,000 after purchasing an additional 324 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.