Ovintiv Inc. (NYSE:OVV) Receives $60.42 Consensus Target Price from Analysts

Shares of Ovintiv Inc. (NYSE:OVV) have been given a consensus rating of “Moderate Buy” by the twenty-one research firms that are covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and fifteen have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $60.4211.

A number of brokerages have commented on OVV. Citigroup reiterated a “neutral” rating and set a $62.00 target price (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. JPMorgan Chase & Co. began coverage on Ovintiv in a report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 target price on the stock. Jefferies Financial Group reiterated a “buy” rating and set a $54.00 target price on shares of Ovintiv in a report on Saturday, January 17th. Stephens upgraded Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. Finally, Mizuho raised their price objective on Ovintiv from $55.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, March 17th.

Insider Activity

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of Ovintiv 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 in the company, valued at $2,398,414.20. The trade was a 9.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $54.78, for a total transaction of $634,461.96. Following the transaction, the executive vice president directly owned 54,092 shares of the company’s stock, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.85% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Steph & Co. acquired a new position in Ovintiv in the first quarter valued at $29,000. McIlrath & Eck LLC acquired a new position in Ovintiv in the third quarter valued at $31,000. HM Payson & Co. acquired a new position in Ovintiv in the third quarter valued at $36,000. Foster Dykema Cabot & Partners LLC acquired a new position in Ovintiv in the third quarter valued at $36,000. Finally, Quent Capital LLC acquired a new position in Ovintiv in the third quarter valued at $37,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Performance

NYSE OVV opened at $55.74 on Thursday. The business has a 50 day moving average price of $54.83 and a 200 day moving average price of $45.06. The company has a market capitalization of $15.79 billion, a P/E ratio of 11.52, a PEG ratio of 1.85 and a beta of 0.59. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. Ovintiv has a 1-year low of $32.91 and a 1-year high of $62.60.

Ovintiv (NYSE:OVV) last announced its earnings results on Monday, February 23rd. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. The firm had revenue of $1.89 billion for 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 quarter in the prior year, the firm earned ($0.23) EPS. Sell-side analysts expect that Ovintiv will post 6.52 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were given a dividend of $0.30 per share. The ex-dividend date was Friday, March 13th. This represents a $1.20 annualized dividend and a yield of 2.2%. Ovintiv’s dividend payout ratio is 24.79%.

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.