Ovintiv (NYSE:OVV) Earns “Neutral” Rating from Citigroup

Ovintiv (NYSE:OVV)‘s stock had its “neutral” rating reissued by equities research analysts at Citigroup in a report issued on Monday, MarketBeat.com reports. They presently have a $62.00 target price on the stock, up from their prior target price of $52.00. Citigroup’s target price suggests a potential upside of 4.44% from the stock’s current price.

Several other equities analysts also recently issued reports on the stock. Jefferies Financial Group reissued a “buy” rating and set a $54.00 price target on shares of Ovintiv in a report on Saturday, January 17th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $55.00 price objective on shares of Ovintiv in a report on Thursday, February 19th. Stephens upgraded shares of Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. The Goldman Sachs Group boosted their target price on Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. Finally, JPMorgan Chase & Co. began coverage on Ovintiv in a research report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $58.67.

Ovintiv Stock Performance

Shares of NYSE:OVV opened at $59.36 on Monday. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The business’s fifty day moving average price is $50.41 and its two-hundred day moving average price is $43.16. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $62.60. The stock has a market capitalization of $16.82 billion, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 2.18 and a beta of 0.69.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data 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. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the business earned ($0.23) earnings per share. As a group, analysts predict that Ovintiv will post 5.59 EPS for the current fiscal year.

Insider Activity at Ovintiv

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of the company’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 transaction, the director owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. This represents a 9.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the business’s 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 sale, the executive vice president owned 54,092 shares of the company’s stock, valued at approximately $2,963,159.76. The trade was a 17.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Large investors have recently bought and sold shares of the business. McIlrath & Eck LLC bought a new position in Ovintiv in the third quarter valued at approximately $31,000. HM Payson & Co. bought a new stake in shares of Ovintiv during the 3rd quarter valued at $36,000. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Ovintiv in the 3rd quarter valued at $36,000. Quent Capital LLC bought a new position in shares of Ovintiv in the 3rd quarter worth $37,000. Finally, Flagship Harbor Advisors LLC acquired a new position in Ovintiv in the fourth quarter valued at about $38,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.