Ovintiv (NYSE:OVV) Rating Increased to Strong-Buy at TD Cowen

TD Cowen upgraded shares of Ovintiv (NYSE:OVV) to a strong-buy rating in a research report report published on Monday morning,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the company. Stephens raised Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. Roth Mkm began coverage on shares of Ovintiv in a report on Monday, October 13th. They issued a “neutral” rating and a $42.00 price target for the company. Evercore restated an “outperform” rating and issued a $47.00 price target on shares of Ovintiv in a research report on Thursday, November 6th. Morgan Stanley cut their price objective on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 14th. Finally, UBS Group reissued a “buy” rating on shares of Ovintiv in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.06.

Ovintiv Stock Performance

Shares of NYSE:OVV traded down $0.24 during midday trading on Monday, hitting $46.78. The company’s stock had a trading volume of 221,964 shares, compared to its average volume of 4,616,147. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.45 and a current ratio of 0.45. The stock’s 50 day simple moving average is $40.53 and its 200 day simple moving average is $40.04. The stock has a market capitalization of $11.85 billion, a price-to-earnings ratio of 51.40, a PEG ratio of 2.61 and a beta of 0.78. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $47.31.

Insider Buying and Selling at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the company’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total value of $2,016,500.00. Following the sale, the chief operating officer owned 105,867 shares of the company’s stock, valued at $4,269,616.11. The trade was a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC grew its position in Ovintiv by 70.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after acquiring an additional 3,788 shares during the period. Great Lakes Advisors LLC acquired a new stake in shares of Ovintiv in the 1st quarter valued at $202,000. Focus Partners Wealth grew its holdings in shares of Ovintiv by 49.3% in the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock worth $825,000 after purchasing an additional 6,364 shares during the last quarter. Geneos Wealth Management Inc. increased its position in shares of Ovintiv by 47.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after purchasing an additional 589 shares in the last quarter. Finally, Callan Family Office LLC bought a new position in Ovintiv during the 2nd quarter valued at about $514,000. 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.