Ovintiv (NYSE:OVV) Receives Outperform Rating from Royal Bank Of Canada

Ovintiv (NYSE:OVV)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Royal Bank Of Canada in a research report issued on Thursday,MarketScreener reports. They currently have a $55.00 price objective on the stock. Royal Bank Of Canada’s price objective suggests a potential upside of 8.82% from the company’s previous close.

Several other brokerages have also recently weighed in on OVV. TD Cowen upgraded Ovintiv to a “strong-buy” rating in a research note on Monday, February 9th. Zacks Research cut shares of Ovintiv from a “hold” rating to a “strong sell” rating in a report on Monday, February 2nd. UBS Group increased their price objective on shares of Ovintiv from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday. Weiss Ratings restated a “hold (c-)” rating on shares of Ovintiv in a research note on Monday, December 29th. Finally, Evercore reaffirmed an “outperform” rating and issued a $47.00 target price on shares of Ovintiv in a report on Thursday, November 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $51.22.

Ovintiv Stock Down 0.2%

OVV stock traded down $0.13 during mid-day trading on Thursday, reaching $50.54. 3,877,330 shares of the company traded hands, compared to its average volume of 5,327,551. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. The firm’s 50 day moving average price is $41.67 and its 200 day moving average price is $40.46. The stock has a market cap of $12.80 billion, a price-to-earnings ratio of 55.54, a P/E/G ratio of 2.85 and a beta of 0.78. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $51.23.

Insider Buying and Selling

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the completion of the transaction, the chief operating officer owned 105,867 shares in the company, valued at $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ovintiv

Several hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its holdings in shares of Ovintiv by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after buying an additional 1,669,469 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Ovintiv by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock valued at $387,601,000 after purchasing an additional 203,256 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Ovintiv by 14.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,743,543 shares of the company’s stock worth $264,281,000 after purchasing an additional 855,043 shares during the period. Millennium Management LLC raised its position in shares of Ovintiv by 116.3% in the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after buying an additional 3,060,691 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its stake in Ovintiv by 13.5% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock valued at $214,060,000 after buying an additional 650,000 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

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.