Ovintiv Inc. (NYSE:OVV) Receives $62.16 Consensus Target Price from Analysts

Shares of Ovintiv Inc. (NYSE:OVV) have received an average recommendation of “Moderate Buy” from the twenty-one brokerages that are currently covering the firm, Marketbeat reports. Six research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $62.3158.

OVV has been the subject of a number of recent research reports. Scotiabank upgraded Ovintiv from an “outperform” rating to a “buy” rating in a report on Wednesday. Stephens upgraded Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. Royal Bank Of Canada reissued an “outperform” rating and set a $70.00 price target on shares of Ovintiv in a research note on Wednesday, May 13th. Mizuho raised their price target on Ovintiv from $68.00 to $69.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Finally, Citigroup reissued a “neutral” rating and set a $62.00 price target (up from $52.00) on shares of Ovintiv in a research note on Monday, March 30th.

Insider Buying and Selling

In related news, Director Howard John Mayson sold 5,000 shares of the firm’s 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 completion of the sale, the director directly owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their position. The sale 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 that occurred on Friday, March 13th. The stock was 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently bought and sold shares of OVV. Citigroup Inc. increased its position in Ovintiv by 42.1% during the 3rd quarter. Citigroup Inc. now owns 174,090 shares of the company’s stock valued at $7,030,000 after buying an additional 51,562 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Ovintiv by 296.2% during 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. Allianz Asset Management GmbH increased its position in Ovintiv by 15.7% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,733,549 shares of the company’s stock valued at $70,001,000 after buying an additional 235,633 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new position in Ovintiv during the 3rd quarter valued at about $1,816,000. Finally, BCS Private Wealth Management Inc. acquired a new position in Ovintiv during the 4th quarter valued at about $976,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Stock Performance

NYSE OVV opened at $58.75 on Monday. The stock has a market capitalization of $16.51 billion, a PE ratio of 18.95 and a beta of 0.57. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The business has a 50 day simple moving average of $57.89 and a two-hundred day simple moving average of $47.92. Ovintiv has a 1-year low of $34.99 and a 1-year high of $63.46.

Ovintiv (NYSE:OVV) last announced its earnings results on Monday, May 11th. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.15. The firm had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. On average, research analysts predict that Ovintiv will post 8.5 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, June 15th. Ovintiv’s dividend payout ratio (DPR) is currently 38.71%.

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.