Ovintiv (NYSE:OVV) Price Target Raised to $68.00

Ovintiv (NYSE:OVV) had its price target raised by Bank of America from $63.00 to $68.00 in a research report report published on Thursday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

OVV has been the topic of several other reports. Stephens raised shares of Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. Roth Mkm raised their target price on Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 24th. Wells Fargo & Company lifted their price target on Ovintiv from $42.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, March 19th. Royal Bank Of Canada reissued an “outperform” rating and set a $55.00 price target on shares of Ovintiv in a research report on Thursday, February 19th. Finally, TD Cowen raised their price objective on Ovintiv from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $59.16.

Ovintiv Stock Performance

Ovintiv stock opened at $59.13 on Thursday. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $62.60. The firm’s 50 day simple moving average is $51.47 and its 200-day simple moving average is $43.51. 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 company has a market cap of $16.75 billion, a P/E ratio of 12.22, a price-to-earnings-growth ratio of 2.12 and a beta of 0.59.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Monday, February 23rd. The company reported $1.39 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $1.89 billion. During the same quarter in the prior year, the firm earned ($0.23) EPS. As a group, equities research analysts predict that Ovintiv will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Friday, March 13th. Ovintiv’s payout ratio is currently 24.79%.

Insiders Place Their Bets

In related news, Director Howard John Mayson sold 5,000 shares of Ovintiv 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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the business’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $54.78, for a total value of $634,461.96. Following the completion of the transaction, the executive vice president owned 54,092 shares in the company, valued at $2,963,159.76. This trade represents a 17.64% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Rockefeller Capital Management L.P. lifted its holdings in shares of Ovintiv by 203.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,352 shares of the company’s stock valued at $171,000 after buying an additional 2,917 shares during the last quarter. Corient Private Wealth LLC increased its holdings in Ovintiv by 15.4% in the fourth quarter. Corient Private Wealth LLC now owns 42,363 shares of the company’s stock worth $1,660,000 after buying an additional 5,669 shares during the last quarter. Hsbc Holdings PLC raised its position in Ovintiv by 37.1% during the fourth quarter. Hsbc Holdings PLC now owns 242,042 shares of the company’s stock valued at $9,479,000 after acquiring an additional 65,445 shares in the last quarter. River Road Asset Management LLC raised its position in Ovintiv by 0.3% during the fourth quarter. River Road Asset Management LLC now owns 295,720 shares of the company’s stock valued at $11,589,000 after acquiring an additional 781 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Ovintiv by 13.4% in the fourth quarter. Invesco Ltd. now owns 1,268,835 shares of the company’s stock valued at $49,726,000 after acquiring an additional 150,053 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

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.