Ovintiv Inc. (NYSE:OVV) Receives $58.11 Consensus PT from Analysts

Shares of Ovintiv Inc. (NYSE:OVV) have been given a consensus recommendation of “Moderate Buy” by the twenty-one ratings firms that are covering the firm, Marketbeat reports. Seven investment analysts have rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $59.1579.

OVV has been the topic of a number of recent analyst reports. Scotiabank boosted their target price on shares of Ovintiv from $58.00 to $65.00 and gave the stock a “sector outperform” rating in a report on Thursday, March 19th. JPMorgan Chase & Co. assumed coverage on shares of Ovintiv in a research report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 price objective for the company. Morgan Stanley initiated coverage on shares of Ovintiv in a research note on Friday, March 27th. They set an “equal weight” rating and a $68.00 price objective on the stock. Bank of America upped their target price on shares of Ovintiv from $63.00 to $68.00 and gave the company a “buy” rating in a report on Thursday. Finally, TD Cowen raised their target price on shares of Ovintiv from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, March 17th.

Ovintiv Stock Up 3.0%

NYSE:OVV opened at $59.13 on Friday. The firm has a market capitalization of $16.75 billion, a price-to-earnings ratio of 12.22, a price-to-earnings-growth ratio of 2.06 and a beta of 0.59. Ovintiv has a twelve month low of $29.80 and a twelve month high of $62.60. The stock’s 50 day moving average price is $51.11 and its two-hundred day moving average price is $43.37. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Monday, February 23rd. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $0.98 by $0.41. The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate 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 posted ($0.23) EPS. Equities research analysts expect that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were paid a $0.30 dividend. The ex-dividend date was Friday, March 13th. This represents a $1.20 annualized dividend and a yield of 2.0%. Ovintiv’s dividend payout ratio is currently 24.79%.

Insider Buying and Selling

In related news, Director Howard John Mayson sold 5,000 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the sale, the director owned 45,780 shares in the company, valued at approximately $2,398,414.20. This represents a 9.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the firm’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $54.78, for a total value of $634,461.96. Following the sale, the executive vice president directly owned 54,092 shares of the company’s stock, valued at $2,963,159.76. This represents a 17.64% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Several large investors have recently modified their holdings of the stock. Citigroup Inc. lifted its holdings in Ovintiv by 42.1% during the 3rd quarter. Citigroup Inc. now owns 174,090 shares of the company’s stock worth $7,030,000 after purchasing an additional 51,562 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Ovintiv by 296.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 79,012 shares of the company’s stock valued at $3,134,000 after buying an additional 59,069 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new position in Ovintiv in the 3rd quarter valued at $1,816,000. Moody Aldrich Partners LLC increased its position in Ovintiv by 152.1% during the 3rd quarter. Moody Aldrich Partners LLC now owns 140,423 shares of the company’s stock worth $5,670,000 after buying an additional 84,730 shares during the period. Finally, Savant Capital LLC increased its position in Ovintiv by 412.9% during the 3rd quarter. Savant Capital LLC now owns 36,771 shares of the company’s stock worth $1,485,000 after buying an additional 29,602 shares during the period. 83.81% of the stock is owned by institutional investors.

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.