Ovintiv (NYSE:OVV) Price Target Raised to $58.00

Ovintiv (NYSE:OVV) had its price target raised by Barclays from $55.00 to $58.00 in a research note released on Wednesday, Marketbeat reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also recently commented on OVV. Zacks Research cut shares of Ovintiv from a “hold” rating to a “strong sell” rating in a research report on Monday, February 2nd. Weiss Ratings restated a “hold (c-)” rating on shares of Ovintiv in a report on Monday, December 29th. William Blair started coverage on Ovintiv in a research report on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 target price for the company. Roth Mkm raised their target price on Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $55.00 price target on shares of Ovintiv in a research note on Thursday, February 19th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.72.

Ovintiv Price Performance

Shares of OVV stock opened at $50.52 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.45 and a current ratio of 0.54. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $51.60. The firm has a market cap of $14.31 billion, a P/E ratio of 10.44, a P/E/G ratio of 2.73 and a beta of 0.78. The business’s 50 day moving average price is $42.88 and its 200-day moving average price is $40.83.

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

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, March 13th. Ovintiv’s payout ratio is currently 24.79%.

Insider Buying and Selling at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the completion of the transaction, the chief operating officer owned 105,867 shares of the company’s stock, valued at $4,269,616.11. This trade represents a 32.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Ovintiv

Institutional investors have recently modified their holdings of the stock. McIlrath & Eck LLC purchased a new position in shares of Ovintiv in the 3rd quarter worth about $31,000. HM Payson & Co. bought a new stake in Ovintiv during the 3rd quarter valued at about $36,000. Foster Dykema Cabot & Partners LLC bought a new stake in Ovintiv during the 3rd quarter valued at about $36,000. Quent Capital LLC purchased a new position in Ovintiv in the third quarter worth about $37,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Ovintiv in the fourth quarter worth approximately $38,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

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.