Ovintiv Inc. (NYSE:OVV) Receives $66.89 Consensus Price Target from Analysts

Ovintiv Inc. (NYSE:OVV) has received an average recommendation of “Moderate Buy” from the twenty-two ratings firms that are currently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $66.8947.

A number of analysts have recently issued reports on OVV shares. Wells Fargo & Company reduced their price target on shares of Ovintiv from $80.00 to $78.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Weiss Ratings upgraded Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, July 28th. Royal Bank Of Canada lifted their target price on shares of Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Morgan Stanley set a $67.00 price target on shares of Ovintiv in a research report on Wednesday, August 19th. Finally, Citigroup lifted their price target on shares of Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th.

Ovintiv Stock Performance

Shares of NYSE:OVV opened at $64.59 on Wednesday. The company has a 50 day moving average of $59.32 and a 200-day moving average of $56.97. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The firm has a market cap of $17.79 billion, a P/E ratio of 18.25 and a beta of 0.53. Ovintiv has a twelve month low of $35.47 and a twelve month high of $67.44.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). The business had revenue of $3.01 billion for 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, analysts anticipate that Ovintiv will post 7.09 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s payout ratio is 33.90%.

Insider Buying and Selling at Ovintiv

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the sale, the executive vice president directly owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ovintiv

Several large investors have recently bought and sold shares of the company. Steph & Co. bought a new position in shares of Ovintiv during the first quarter worth about $29,000. Aberdeen Wealth Management LLC acquired a new stake in Ovintiv in the second quarter valued at $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Ovintiv during the second quarter worth about $32,000. Markowski Investments acquired a new position in shares of Ovintiv during the 2nd quarter worth approximately $39,000. Finally, Root Financial Partners LLC increased its holdings in shares of Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after purchasing an additional 277 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

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.