Ovintiv (NYSE:OVV) Upgraded by Truist Financial to Strong-Buy Rating

Truist Financial upgraded shares of Ovintiv (NYSE:OVV) to a strong-buy rating in a research report sent to investors on Monday morning,Zacks.com reports.

Several other research firms have also recently commented on OVV. Royal Bank Of Canada reissued an “outperform” rating and issued a $55.00 target price on shares of Ovintiv in a research note on Thursday, February 19th. Scotiabank upped their price target on Ovintiv from $58.00 to $65.00 and gave the company a “sector outperform” rating in a research note on Thursday, March 19th. The Goldman Sachs Group raised their price target on Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. Stephens upgraded Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. Finally, Jefferies Financial Group reissued a “buy” rating and set a $54.00 price objective on shares of Ovintiv in a report on Saturday, January 17th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.89.

Ovintiv Price Performance

Shares of OVV stock opened at $59.00 on Monday. Ovintiv has a 1 year low of $29.80 and a 1 year high of $59.44. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The firm’s 50 day moving average is $48.32 and its 200-day moving average is $42.50. The firm has a market capitalization of $16.72 billion, a price-to-earnings ratio of 12.19, a PEG ratio of 2.93 and a beta of 0.69.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the business posted ($0.23) earnings per share. Sell-side analysts forecast that Ovintiv will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. Ovintiv’s dividend payout ratio is 24.79%.

Insider Buying and Selling

In related news, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the transaction, the director owned 45,780 shares of the company’s stock, valued at $2,398,414.20. This trade represents a 9.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $54.78, for a total transaction of $634,461.96. Following the transaction, the executive vice president owned 54,092 shares of the company’s stock, valued at approximately $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 0.89% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently made changes to their positions in the company. Stifel Financial Corp raised its stake in Ovintiv by 1.4% during the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock worth $749,000 after buying an additional 269 shares during the period. Deseret Mutual Benefit Administrators grew its stake in Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after acquiring an additional 287 shares during the period. Fiduciary Financial Group LLC grew its stake in Ovintiv by 3.2% in the fourth quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock valued at $371,000 after acquiring an additional 297 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Ovintiv by 2.3% in the third quarter. PNC Financial Services Group Inc. now owns 14,834 shares of the company’s stock worth $599,000 after acquiring an additional 340 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC increased its holdings in shares of Ovintiv by 9.6% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,150 shares of the company’s stock worth $163,000 after acquiring an additional 362 shares in the last quarter. Institutional investors and hedge funds 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.