Barclays Increases Ovintiv (NYSE:OVV) Price Target to $62.00

Ovintiv (NYSE:OVV) had its price objective increased by equities research analysts at Barclays from $58.00 to $62.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective indicates a potential upside of 12.38% from the stock’s previous close.

A number of other brokerages have also commented on OVV. Scotiabank upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Zacks Research raised Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 3rd. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $55.00 price objective on shares of Ovintiv in a research report on Thursday, February 19th. UBS Group increased their target price on shares of Ovintiv from $61.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Finally, Citigroup decreased their price target on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.76.

Ovintiv Price Performance

OVV stock traded down $0.16 during midday trading on Monday, reaching $55.17. 948,556 shares of the stock were exchanged, compared to its average volume of 5,011,604. Ovintiv has a 52 week low of $29.80 and a 52 week high of $55.85. The company has a fifty day moving average price of $45.78 and a 200 day moving average price of $41.78. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market capitalization of $15.63 billion, a PE ratio of 11.41, a P/E/G ratio of 3.01 and a beta of 0.69.

Ovintiv (NYSE:OVV) last announced its quarterly 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 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 period last year, the firm posted ($0.23) earnings per share. As a group, analysts expect that Ovintiv will post 5.59 EPS for the current fiscal year.

Insider Buying and Selling at Ovintiv

In related news, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the transaction, the director owned 45,780 shares of the company’s stock, valued at $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ovintiv

Several large investors have recently bought and sold shares of OVV. Dimensional Fund Advisors LP boosted its holdings in Ovintiv by 17.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after purchasing an additional 1,669,469 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Ovintiv by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock worth $387,601,000 after buying an additional 203,256 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Ovintiv by 14.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,743,543 shares of the company’s stock valued at $264,281,000 after buying an additional 855,043 shares during the period. Millennium Management LLC raised its position in Ovintiv by 116.3% in the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after acquiring an additional 3,060,691 shares during the period. Finally, Adage Capital Partners GP L.L.C. boosted its stake in Ovintiv by 13.5% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock valued at $214,060,000 after acquiring an additional 650,000 shares during the last quarter. 83.81% of the stock is currently owned by 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.