Ovintiv (NYSE:OVV) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of Ovintiv (NYSE:OVV) from a hold rating to a buy rating in a report released on Saturday.

Other analysts also recently issued reports about the stock. Citigroup reissued a “neutral” rating and set a $62.00 price objective (up from $52.00) on shares of Ovintiv in a research report on Monday, March 30th. Zacks Research upgraded shares of Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 3rd. National Bank Financial increased their price target on shares of Ovintiv from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, February 25th. JPMorgan Chase & Co. began coverage on shares of Ovintiv in a research report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 price target for the company. Finally, Jefferies Financial Group restated a “buy” rating and issued a $54.00 price objective on shares of Ovintiv in a report on Saturday, January 17th. Fifteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.37.

Ovintiv Trading Down 5.2%

NYSE OVV opened at $52.82 on Friday. Ovintiv has a 12 month low of $32.16 and a 12 month high of $62.60. The stock has a market cap of $14.96 billion, a P/E ratio of 10.91, a P/E/G ratio of 1.82 and a beta of 0.59. The stock’s fifty day moving average price is $53.99 and its 200-day moving average price is $44.53. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

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

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.3%. Ovintiv’s payout ratio is currently 24.79%.

Insider Buying and Selling at Ovintiv

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction 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 completion of the sale, the executive vice president owned 54,092 shares of the company’s stock, valued at $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Howard John Mayson sold 5,000 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the sale, the director 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 SEC filing for this sale provides additional information. 0.85% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC lifted its stake in shares of Ovintiv by 70.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after purchasing an additional 3,788 shares during the period. Great Lakes Advisors LLC bought a new stake in Ovintiv during the first quarter valued at approximately $202,000. Focus Partners Wealth increased its holdings in Ovintiv by 49.3% during the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after buying an additional 6,364 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in Ovintiv by 47.5% during the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after buying an additional 589 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Ovintiv by 103.2% in the second quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock worth $126,000 after acquiring an additional 1,675 shares during the period. 83.81% of the stock is 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.