Ovintiv (NYSE:OVV) Given New $68.00 Price Target at Bank of America

Ovintiv (NYSE:OVV) had its price target boosted by Bank of America from $63.00 to $68.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price points to a potential upside of 18.49% from the company’s current price.

Several other analysts have also commented on the stock. Roth Mkm increased their price target on shares of Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, February 24th. JPMorgan Chase & Co. started coverage on shares of Ovintiv in a research report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 price objective on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ovintiv in a research note on Monday, December 29th. Royal Bank Of Canada reissued an “outperform” rating and set a $55.00 target price on shares of Ovintiv in a research report on Thursday, February 19th. Finally, Wells Fargo & Company raised their target price on shares of Ovintiv from $42.00 to $54.00 and gave the company an “equal weight” rating in a research note on Thursday, March 19th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $59.16.

Ovintiv Trading Down 3.3%

Shares of NYSE:OVV opened at $57.39 on Thursday. The company has a market capitalization of $16.26 billion, a PE ratio of 11.86, a P/E/G ratio of 2.13 and a beta of 0.69. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. Ovintiv has a 12-month low of $29.80 and a 12-month high of $62.60. The business’s fifty day simple moving average is $50.74 and its 200-day simple moving average is $43.26.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the prior year, the business posted ($0.23) EPS. As a group, equities research analysts predict that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Insider Activity at Ovintiv

In other Ovintiv news, EVP Meghan Nicole Eilers sold 11,582 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $54.78, for a total transaction of $634,461.96. Following the sale, the executive vice president owned 54,092 shares of the company’s stock, valued at approximately $2,963,159.76. The trade was a 17.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Howard John Mayson sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were 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 in the company, valued at $2,398,414.20. The trade was a 9.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Several institutional investors and hedge funds have recently made changes to their positions in OVV. Rockefeller Capital Management L.P. increased its position in shares of Ovintiv by 203.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 4,352 shares of the company’s stock valued at $171,000 after acquiring an additional 2,917 shares during the period. Corient Private Wealth LLC lifted its position in Ovintiv by 15.4% during the 4th quarter. Corient Private Wealth LLC now owns 42,363 shares of the company’s stock worth $1,660,000 after acquiring an additional 5,669 shares during the period. Hsbc Holdings PLC grew its stake in Ovintiv by 37.1% during the 4th quarter. Hsbc Holdings PLC now owns 242,042 shares of the company’s stock valued at $9,479,000 after purchasing an additional 65,445 shares during the last quarter. River Road Asset Management LLC grew its stake in Ovintiv by 0.3% during the 4th quarter. River Road Asset Management LLC now owns 295,720 shares of the company’s stock valued at $11,589,000 after purchasing an additional 781 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Ovintiv by 13.4% in the fourth quarter. Invesco Ltd. now owns 1,268,835 shares of the company’s stock valued at $49,726,000 after purchasing an additional 150,053 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.