Ovintiv (NYSE:OVV) Rating Increased to Strong-Buy at Texas Capital

Ovintiv (NYSE:OVV) was upgraded by analysts at Texas Capital to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

Several other research firms have also issued reports on OVV. Wells Fargo & Company raised Ovintiv from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $57.00 to $80.00 in a research note on Monday. Roth Mkm boosted their target price on Ovintiv from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday. Mizuho increased their price target on Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Scotiabank upgraded Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. Finally, TD Cowen lifted their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $64.47.

Ovintiv Stock Down 0.9%

Shares of NYSE:OVV opened at $53.08 on Thursday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48. Ovintiv has a 12 month low of $35.47 and a 12 month high of $63.46. The company has a 50-day moving average price of $56.99 and a 200 day moving average price of $50.71. The company has a market cap of $14.92 billion, a price-to-earnings ratio of 17.12 and a beta of 0.53.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Monday, May 11th. The company reported $2.00 EPS for the quarter, topping the consensus estimate of $1.85 by $0.15. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%.The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. As a group, equities research analysts predict that Ovintiv will post 8.07 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. AQR Capital Management LLC raised its holdings in shares of Ovintiv by 263.8% in the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock worth $199,866,000 after buying an additional 3,589,030 shares during the period. Millennium Management LLC boosted its holdings in Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after acquiring an additional 3,060,691 shares during the period. Dimensional Fund Advisors LP grew its position in Ovintiv by 25.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock valued at $379,165,000 after acquiring an additional 1,927,193 shares during the last quarter. Goldentree Asset Management LP bought a new position in Ovintiv in the 4th quarter valued at $61,528,000. Finally, Freestone Grove Partners LP increased its stake in Ovintiv by 79.9% in the fourth quarter. Freestone Grove Partners LP now owns 3,074,925 shares of the company’s stock worth $120,506,000 after purchasing an additional 1,365,535 shares during the period. Institutional investors own 83.81% of the company’s stock.

About Ovintiv

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.