Ovintiv (NYSE:OVV) Sets New 52-Week High – Still a Buy?

Ovintiv Inc. (NYSE:OVV) shares reached a new 52-week high on Wednesday . The company traded as high as $48.76 and last traded at $48.3180, with a volume of 1523055 shares. The stock had previously closed at $46.08.

Analysts Set New Price Targets

Several research analysts recently weighed in on OVV shares. Citigroup decreased their target price on Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Jefferies Financial Group reissued a “buy” rating and issued a $54.00 price target on shares of Ovintiv in a report on Saturday, January 17th. TD Cowen raised shares of Ovintiv to a “strong-buy” rating in a research note on Monday, February 9th. Scotiabank upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Finally, UBS Group raised their target price on shares of Ovintiv from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and a consensus price target of $51.22.

Ovintiv Stock Up 5.7%

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 has a market cap of $12.33 billion, a price-to-earnings ratio of 53.63, a price-to-earnings-growth ratio of 2.63 and a beta of 0.78. The business’s 50 day moving average is $41.11 and its 200 day moving average is $40.25.

Insider Activity at Ovintiv

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief operating officer owned 105,867 shares in the company, valued at approximately $4,269,616.11. This represents a 32.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Institutional investors and hedge funds have recently modified their holdings of the stock. McIlrath & Eck LLC purchased a new position in Ovintiv in the third quarter valued at about $31,000. IFP Advisors Inc lifted its holdings in shares of Ovintiv by 316.7% during the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock valued at $32,000 after buying an additional 643 shares during the last quarter. HM Payson & Co. bought a new stake in shares of Ovintiv in the 3rd quarter valued at approximately $36,000. Foster Dykema Cabot & Partners LLC acquired a new position in Ovintiv in the third quarter worth approximately $36,000. Finally, Quent Capital LLC bought a new position in Ovintiv during the third quarter valued at approximately $37,000. 83.81% of the stock is currently owned by hedge funds and other 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.