Ovintiv (NYSE:OVV) Research Coverage Started at Morgan Stanley

Morgan Stanley assumed coverage on shares of Ovintiv (NYSE:OVV) in a report issued on Friday. The brokerage issued an equal weight rating and a $68.00 price objective on the stock.

A number of other research firms also recently weighed in on OVV. Scotiabank boosted their price target on shares of Ovintiv from $58.00 to $65.00 and gave the stock a “sector outperform” rating in a research note on Thursday, March 19th. Mizuho raised their price objective on shares of Ovintiv from $55.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, March 17th. Roth Mkm lifted their target price on shares of Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. UBS Group upped their target price on shares of Ovintiv from $61.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Finally, The Goldman Sachs Group increased their price target on Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and a consensus target price of $58.11.

Ovintiv Price Performance

Shares of OVV stock opened at $62.09 on Friday. The stock has a 50-day moving average price of $49.59 and a 200 day moving average price of $42.91. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The firm has a market cap of $17.59 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 2.34 and a beta of 0.69. Ovintiv has a 12 month low of $29.80 and a 12 month high of $62.60.

Ovintiv (NYSE:OVV) last released its earnings results on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.89 billion. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. During the same period in the prior year, the company posted ($0.23) EPS. Research analysts expect that Ovintiv will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.20 annualized dividend and a dividend yield of 1.9%. Ovintiv’s payout ratio is 24.79%.

Insiders Place Their Bets

In related news, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $54.78, for a total value of $634,461.96. Following the transaction, the executive vice president owned 54,092 shares in the company, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.89% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds have recently modified their holdings of OVV. McIlrath & Eck LLC bought a new stake in shares of Ovintiv in the third quarter valued at about $31,000. Foster Dykema Cabot & Partners LLC bought a new position in shares of Ovintiv during the third quarter worth about $36,000. HM Payson & Co. acquired a new stake in Ovintiv in the 3rd quarter valued at approximately $36,000. Quent Capital LLC acquired a new stake in Ovintiv in the 3rd quarter valued at approximately $37,000. Finally, Flagship Harbor Advisors LLC bought a new stake in Ovintiv in the 4th quarter valued at approximately $38,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.